“This is an excellent chance for residents and business owners affected by last month’s flooding and landslides, to take steps toward recovering from this disaster. We thank the SBA for supporting our affected communities and encourage residents and business owners to take advantage of this opportunity, ” said David Ige.
“On behalf of Governor Ige, we thank the Small Business Administration for approving the state’s request for a disaster declaration. The SBA Disaster Loan Program will assist the families and businesses affected by the March severe storm. Because they won’t be setting up a physical location, the SBA is planning to contact every applicant who reported physical or economic damage to assist them through the registration process,” said HI-EMA Resilience Branch Chief Lorinda Wong-Lau.
“SBA is strongly committed to providing Hawai‘i with the most effective and customer-focused response possible, and we will be there to provide access to federal disaster loans to help finance recovery for businesses and residents affected by the disaster,” said SBA Administrator Isabella Casillas Guzman.
Businesses and private non-profit organizations may apply for up to $2 million in loans to repair or replace real estate, machinery and equipment, inventory, and other business assets that were either destroyed or damaged in the storm.
Homeowners are eligible to borrow up to $200 thousand to repair or replace destroyed or damaged real estate. Both homeowners and renters are eligible for a maximum of $40,000 personal property that was destroyed or damaged in the storm.
Homeowners and business owners who have already made repairs to property damaged in last month’s storm are also eligible for the loans.
The SBA advises applicants to take photographs and keep receipts of repairs.
Interest rates can be as low as 3 percent for businesses, 2 percent for private non-profit organizations, and 1.25 percent for homeowners and renters with terms up to 30 years.
David Ige and the Hawai‘i Emergency Management Agency requested the SBA’s assistance on April 26. According to an SBA summary report, 36 homes and 4 businesses suffered major damage in the storm. Another 10 homes suffered minimum damage.
The SBA’s Virtual Business Recovery Center opens today, Friday, April 30 to provide personalized assistance to business owners. The SBA is also opening a Virtual Disaster Loan Outreach Center to assist homeowners and renters. Customer Service Representatives will be available to answer questions about SBA’s disaster loan program, the application process, and to help residents complete electronic loan applications.
The deadline to apply for property damage is June 28, 2021. The deadline to apply for economic injury is Jan. 31, 2022.
Virtual Business Recovery Center and
Virtual Disaster Loan Outreach Center
Monday – Friday (5 days/week)
8 a.m. – 8 p.m. Eastern Time
(800) 659-2955