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Sba Offers Disaster Assistance To O‘ahu Businesses And Residents Affected By The December 2021 Severe Storms
SBA Offers Disaster Assistance to Oâ€˜ahu Businesses and Residents Affected by the December 2021 severe storms
HONOLULU - The U.S. Small Business Administration (SBA) announced that low-interest federal disaster loans will be available to assist Oâ€˜ahu businesses, homeowners, and renters affected by the severe storms, flooding and landslides that occurred Dec. 5-10, 2021. The disaster declaration makes Small Business Administration (SBA) assistance available in the City and County of Honolulu.
"We are truly grateful and want to send our sincere thanks to the U.S. Small Business Administration for approving the request to help the people of Hawaiâ€˜i who were impacted by the severe storms," said Mayor Rick Blangiardi. "The low-interest loans are available to anyone who suffered damages to their home, business or non-profit organization and I encourage people to take advantage of the opportunity, whether their loss was big or small. Even those businesses who may not have suffered physical property damage, but experienced an economic loss can apply."
"This was the second weather incident in 2021 for which the SBA activated its disaster assistance program for our local residents and businesses," said Director Hiro Toiya, Honolulu Department of Emergency Management. "As we face increasing risk of severe weather events, we'll continue to work with our community, state and federal partners to prepare for, mitigate against, respond to, and recover from disasters. I'd like to thank the Hawaii Emergency Management Agency and the SBA for working with us to make this assistance program available."
For information on the types of disaster loans available and their interest rates, visit https://bit.ly/3o8nF3d_SBA_Hawaii
In consideration of the public health concerns due to the Coronavirus pandemic, on Monday, January 31st, SBA will establish a Virtual Business Recovery Center to provide personalized assistance to business owners. In addition, SBA will also open a Virtual Disaster Loan Outreach Center to help homeowners and renters. Customer Service Representatives will be available to business owners and individuals to answer questions about SBA's disaster loan program, explain the application process and help each person complete their electronic loan application.
Virtual Business Recovery Center and
Virtual Disaster Loan Outreach Center
Monday -- Friday (5 days/week)
8 a.m. -- 8 p.m. Eastern Time
(3:00 a.m. to 3:00 p.m. Hawaii Standard Time)
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. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
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 regardless of whether the business suffered any property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 2.83 percent for businesses, 1.875 percent for private nonprofit organizations and 1.438 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.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for property damage is March 29, 2022. The deadline to apply for economic injury is Oct. 28, 2022.
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