July 23, 2024
Loans

Jan. 25 grace period approaching to submit SBA disaster loan applications : Maui Now


Small Business Administration assists wildfire survivors on Maui. PC: Lameen Witter / FEMA (8.16.23)

The deadline to apply for federal disaster assistance has passed; however, Hawaiʻi residents and businesses have been granted a 45-day grace period, until Thursday, Jan. 25, to submit their US Small Business Administration disaster loan applications for property damage caused by wildfires. 

The last day for small businesses, small agricultural cooperatives and most private nonprofit organizations to apply for an SBA economic injury disaster loan is Friday, May 10, 2024.

The US Small Business Administration has approved more than $289.7 million in federal disaster loans for Hawai‘i businesses, nonprofits and residents impacted by the Maui wildfires. That includes more than $101.3 million for businesses and more than $188.4 million to homeowners and renters to help them rebuild and recover from the disaster.  

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SBA is offering long-term, low-interest disaster loans to homeowners, renters, nonprofit organizations and businesses to cover losses not fully compensated by insurance or other sources. For instance, loans may be used to rebuild homes; replace personal property, including cars; and cover business-related losses such as stores and tour boats.

Those approved for these loans have up to one year from the date of their first disbursement to begin making payments. The interest is zero percent during this deferment period. Interest begins accruing when the payment becomes due. There is no prepayment penalty, and borrowers can begin making loan payments during the deferment period. 

The SBA Disaster Loan Outreach Center at Kahului Public Library is open to help residents and business owners with their applications. Regular hours: noon to 7 p.m. Tuesdays; 9 a.m. to 4 p.m. Wednesdays, Thursdays and Saturdays; and 11 a.m. to 4 p.m. Fridays. Both the library and the Disaster Loan Outreach Center are closed on Sundays and Mondays.

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Survivors may apply online, receive additional disaster assistance information, and download SBA loan applications at https://www.sba.gov/hawaii-wildfires. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email [email protected] for more information. 

For people who are deaf, hard-of-hearing or have a speech disability, dial 711 to access telecommunications relay services.

Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.



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