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Friday, March 1, 2024

SBA Tops $139 Million in Disaster Assistance Loans for Maui Wildfires

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

U.S. Small Business Administrator Isabella Casillas Guzman announced that the SBA has approved more than $139 million in federal disaster loans for Hawaii businesses, nonprofits, and residents impacted by Maui wildfires. Since the fires began, the SBA has approved $40,620,400 for businesses and $ 98,615,000 for residents to help rebuild and recover from the disaster.

“The SBA, as a part of President Biden’s whole-of-government approach, has committed support to ensure the community of Lahaina can recover after the devastating fires, and SBA’s current level of disaster assistance loan approvals demonstrates that commitment,” said Administrator Guzman. “Nearly two months after the wildfires began, we remain on the ground in full force and have extended our reach by opening new centers, increasing the number of staff assisting survivors, and expanding access to disaster relief to small businesses across Hawaii impacted by the drop in tourism. The SBA is here for the long-term to make sure all homeowners, renters, small businesses, and nonprofits in need of federal relief can get support as they rebuild their community.”

The SBA provides one-on-one assistance to disaster loan applicants at all the federal-state Disaster Recovery Centers, SBA Business Recovery Centers, Business Resource Assessment Center, and an SBA Portable Loan Outreach Center to explain the SBA’s disaster loan program and help business owners and residents close their approved disaster loans.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The SBA can also lend additional funds to help businesses and residents with the cost of making improvements that protect, prevent, or minimize the same type of disaster damage from occurring in the future.

For small businesses and most private nonprofit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

Interest rates are 4 percent for businesses, 2.375 percent for private nonprofit organizations, and 2.5 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. The SBA disaster loan repayment begins 12 months from the date of the first disbursement.

Businesses and residents in Maui County who sustained property damage are encouraged to register with the Federal Emergency Management Agency at www.disasterassistance.gov prior to the Nov. 9, 2023, deadline. Small businesses and nonprofits can apply for economic injury loans in all five counties in Hawaii by visiting DLAP 2.0 before May 10, 2024.

Applicants may apply online, receive additional disaster assistance information, and download applications at https://www.sba.gov/hawaii-wildfires. Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on the SBA’s disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7‑1‑1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

Read more at SBA

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