SBA Opens Disaster Recovery Center Ahead of President Biden’s Trip to Hawaii to Encourage Homeowners and Renters to Apply for Assistance
Homeowners, Renters, and Business Owners Eligible for Low-interest Federal Disaster Loans
WASHINGTON, Aug. 18, 2023 (GLOBE NEWSWIRE) — This week, U.S. Small Business Administration (SBA) opened a Disaster Business Recovery Center (BRC) for survivors of the Maui wildfires – including homeowners, renters, and small business owners – to seek financial assistance.
The center opened ahead of President Biden’s trip to Hawaii, where he will meet with survivors, survey the damage caused by the wildfires, and continue to commit the full weight of the federal government to the recovery efforts.
Immediately following the disaster declaration, the Biden-Harris Administration and SBA announced that it had begun mobilizing staff and resources in Maui to provide needed financial assistance to Hawaii residents. SBA Administrator Isabella Casillas Guzman visited Maui with FEMA within days of the disaster declaration to highlight SBA resources available to those affected by the wildfires and meet with local officials regarding ongoing recovery efforts.
SBA Business Recovery Center – Maui County
Hawaii Technology Development Corporation
Maui Research Technology Center
Building # A, Ste. 119 (Conference Room)
590 Lipoa Pkwy.
Kihei, HI 96753
Mondays – Fridays, 8 a.m. – 5 p.m. HT
Saturdays, 10 a.m. – 2 p.m. HT
Assistance for Homeowners and Renters
Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate.
Additionally, homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest rates can be as low as 2.5 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition. Thanks to new SBA rules, interest does not begin to accrue and loan repayment does not begin until 12 months from the date of first disbursement.
Homeowners and renters in Maui County are eligible for SBA disaster assistance as a result of the Hawaii wildfires.
Assistance for Businesses
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.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.
Interest rates can be as low as 4 percent for businesses and 2.375 percent for private nonprofit organizations. Thanks to new SBA rules, interest does not begin to accrue and loan repayment does not begin until 12 months from the date of first disbursement.
In addition to businesses in Maui County, businesses in Kalawao County are also eligible for economic injury assistance.
The SBA encourages all businesses, homeowners, renters, and nonprofit organizations of all sizes affected by the Hawaii wildfires to apply for disaster assistance through the SBA’s disaster recovery and resilience operation.
To be considered for all forms of disaster assistance, survivors must first contact the Federal Emergency Management Agency at www.disasterassistance.gov.
Additional information and details on the location of disaster recovery centers is available by calling the SBA Customer Service Center at (800) 659-2955. More details on the resources available to survivors and how to access them can also be found on the SBA’s website.
Applicants unable to meet with SBA in person are encouraged to apply online for a disaster loan. The deadline to apply for property damage is Oct. 10, 2023. The deadline to apply for economic injury is May 10, 2024.
More detailed information can be found in the Hawaii wildfires disaster fact sheet.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
CONTACT: Christine Saah Nazer U.S. Small Business Administration [email protected]
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.