Small Businesses Impacted by Oahu’s Severe Natural Disaster Now Eligible for SBA Loans
Oahu small businesses impacted by March’s severe storms, flooding and landslides are now eligible for low-interest disaster loans through the U.S. Small Business Administration (SBA).
The flooding and the landslides were the result of heavy rain on Oahu that severely impacted the North Shore between March 8 to 18.
Businesses and private non-profit organizations may apply for up to $2 million in loans to repair or replace business assets that were destroyed or damaged in the storm.
Homeowners and business owners who already made repairs to their damaged assets are still eligible to apply for the loans. The SBA advises to take photographs and keep receipts of repairs.
According to SBA, interest rates are 3% for businesses, 2% for private non-profit organizations and 1.25% for homeowners and renters with terms up to 30 years.
“SBA is strongly committed to providing Hawaii with the most effective and customer-focused response possible,” said SBA Administrator Isabella Casillas Guzman. “We will be there to provide access to federal disaster loans to help finance recovery for businesses and residents affected by the disaster.”
On April 26, Governor David Ige and the Hawaii Emergency Management Agency requested the SBA’s assistance to support the community affected by the storm. According to SBA, there are 36 homes and 4 businesses that suffered major damage while 10 homes received minimum damage.
“This is an excellent chance for residents and business owners affected by March’s flooding and landslides, to take steps toward recovering from this disaster,” said Ige.
“We thank the SBA for supporting our affected communities and encourage residents and business owners to take advantage of this opportunity.”
The deadline to apply for property damage is June 28, 2021 while the deadline for economic injury is January 31, 2022.
To apply or learn more about the disaster loan assistance program, visit disasterloanassistance.sba.gov.
For further questions, call SBA’s Customer Service Center at (800) 659-2955 or email them at email@example.com.