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Federally sponsored low-interest loans are now being made available to Marco Polo condominium owners and tenants seeking financial assistance in the wake of the July 14 fire that left three people dead and damaged about one-third of the structure’s 568 units.
Those affected by the fire became eligible for the U.S. Small Business Administration’s disaster loan program after the SBA and Honolulu Mayor Kirk Caldwell recently issued disaster declarations for the catastrophe.
A Disaster Loan Outreach Center will open at 9 a.m.
today at the condominium complex and will stay open weekdays from 9 a.m. to
6 p.m. through Sept. 28.
No appointments are necessary.
For some victims, the
disaster loan program may provide a more manageable repayment program than what traditional financial institutions may offer.
Loans of up to $200,000 may be made available to homeowners for repair or replacement of damaged or destroyed real estate. Homeowners and renters may be eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates may be as low as 3.305 percent for businesses, 2.5 percent for private nonprofit organizations and 1.75 percent for homeowners and renters, with loan terms up to
30 years.
The loan amounts and terms are set by the Small Business Administration and based on an applicant’s financial condition.
To apply online, receive additional disaster assistance or to download applications, go to disasterloan.sba.gov/ela. Potential applicants may also call SBA’s customer service center at (800) 659-2955, or email
disastercustomerservice
@sba.gov for more information or assistance.
The deadline to apply for property damage assistance is Nov. 13, while the deadline to apply for economic injury assistance is June 11, 2018.
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