SBA Offers Disaster Assistance to Oahu Businesses and Residents Affected by the March 2021 Severe Storms

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SBA Offers Disaster Assistance to Oahu Businesses and Residents Affected by the March 2021 Severe Storms
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SBA Offers Disaster Assistance to Oahu Businesses and Residents Affected by the March 2021 Severe Storms

Honolulu -- The U.S. Small Business Administration (SBA) announced yesterday that low-interest federal disaster loans will be available to assist Oahu businesses and residents affected by severe storms, flooding, landslides and mudslides that occurred March 8-18, 2021. The disaster declaration makes Small Business Administration (SBA) assistance available in the City and County of Honolulu.

"U.S. Small Business Administration low-interest loans are available to anyone who experienced 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 had their economic operations negatively impacted can apply," said Mayor Rick Blangiardi. "I send my sincere thanks to the U.S. Small Business Administration for approving the request to help the people who were impacted."

"Emergencies can happen in a moment's notice but disaster recovery can take months if not years. It is our sincerest hope that this program can provide some relief for our residents and businesses in their long road to recovery," said Hiro Toiya, director Honolulu Department of Emergency Management.

"On behalf of Governor Ige, we thank the Small Business Administration for approving the state's request for a disaster declaration," said Lorinda Wong-Lau, Hawaii Emergency Managements Agency (HI-EMA) Resilience Branch Chief.

In consideration of the public health concerns due to the Coronavirus pandemic, on Friday, April 30, 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

(2:00 a.m. to 2:00 p.m. Hawaii Standard Time)

FOCWAssistance@sba.gov

(800) 659-2955

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 3 percent for businesses, 2 percent for private nonprofit organizations and 1.25 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 disastercustomerservice@sba.gov 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 June 28, 2021. The deadline to apply for economic injury is Jan. 31, 2022.

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First Friday Hawaii News Item

SBA Offers Disaster Assistance to Oahu Businesses and Residents Affected by the March 2021 Severe Storms

First Friday Hawaii
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