HIEMA PRESS RELEASE: The clock is ticking for Small Business Administration working capital loans for Kona Low Storm
Posted Oct 11, 2022 in Department Latest News, Press Room
HONOLULU — The application deadline is Friday, October 28, 2022 for Economic Injury Disaster Loans from the U.S. Small Business Administration (SBA) related to last year’s low Kona storms.
The loans are intended to offset economic damage caused by severe storms, flooding and mudslides in Maui and Kalawao counties and the city and county of Honolulu from December 5-10, 2021.
“These loans can be used to pay fixed debt, payroll, accounts payable and other accounts that cannot be paid due to the impact of the disaster,” said Tanya N. Garfield, director of SBA Disaster Field Operations – West, in a Press release. “Economic damage assistance is available regardless of whether the applicant sustained any property damage.”
Loans of up to $2 million to meet working capital needs caused by the disaster are available to small non-farm businesses, small agricultural cooperatives, small aquaculture businesses, and most private nonprofit organizations of any size that qualify.
The low-interest loans have rates of 2.83 percent for businesses and 1.875 percent for private non-profit organizations, with a maximum term of 30 years.
The Hawaii Emergency Management Agency encourages qualified businesses in need of assistance to apply.
Applicants can get more information and find forms on the SBA website at https://disasterloanassistance.sba.gov/. They can also call (800) 659-2955 or email [email protected] for more information; People who are deaf, hard of hearing, or speech impaired can dial 7-1-1 to access telecommunications relay services.
Completed applications should be mailed to the US Small Business Administration Disbursement and Processing Center, 14925 Kingsport Road, Fort Worth, TX 76155.
# # #