PAUL SAKUMA / SPECIAL TO THE STAR-ADVERTISER
Flooding on the corner of McCully and Beretania streets in McCully, on April 10,
The U.S. Small Business Administration has opened disaster loan outreach centers in Waialua, Kihei, and Kailua-Kona to assist those impacted by the Kona-low storms in March.
The SBA said small businesses, agricultural cooperatives, nurseries and private nonprofits, including faith-based organizations, with financial losses directly related to the disaster from March 10 to 24, can apply for economic injury disaster loans.
For small businesses, the loans — up to $2 million with interest rates as low as 4% up to 30 years — may be used to pay fixed debts, payroll, accounts payable, and other bills that could not be paid due to the disaster. For private nonprofits, interest rates are as low as 3.625%.
Homeowners and renters are eligible for loans up to $100,000 to replace or repair personal property, including clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
The interest does not accrue, according to the SBA, and payments are not due until 12 months after the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
The SBA, however, is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
Don’t miss out on what’s happening!
Stay in touch with breaking news, as it happens, conveniently in your email inbox. It’s FREE!
SBA customer representatives have been on hand since Wednesday at the following locations:
HONOLULU COUNTY
>> Waialua United Church of Christ, 67-174 Farrington Highway, Mondays to Saturdays 9 a.m.-6 p.m.
MAUI COUNTY
>> Kihei Public Library, 35 Waimahaihai St., Tuesdays, 12–7 p.m.; Wednesdays and Thursdays, 9–4 p.m.; Fridays, 11 a.m.–4 p.m.; Saturdays, 9 a.m.–4 p.m.
HAWAII COUNTY
>> Hanama Place, 75-5706 Kuakini Highway, Suite 101; Mondays to Saturdays, 9 a.m.-6 p.m.
>> Business Recovery Center, Hawaii County Office of Aging, Conference Room, 1055 Kinoole St., Suite 101 in Hilo; Mondays to Fridays, 8 a.m.–4 p.m.
To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information.
