SBA has approved more than $5M in Big Island disaster loans

The U.S. Small Business Administration announced Tuesday it has approved more than $5 million in federal disaster loans for Hawaii businesses and residents affected by the Kilauea volcanic eruption that began May 3.

SBA has approved $73,700 in loans for businesses and about $4.9 million for residents to help rebuild and recover, according to Tanya Garfield, director of SBA’s Disaster Field Operations Center-West.

“Don’t miss out on any assistance you may be entitled to by not registering for help,” said Garfield in a news release. “You don’t need to wait for your insurance to settle or obtain a contractor’s estimate.”

SBA continues to provide one-on-one assistance to disaster loan applicants in Hawaii County at its Disaster Recovery Center at Keaau High School, which is open from 8 a.m. to 8 p.m. daily. No appointment is necessary.

Businesses 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 lend additional funds to help business and residents make improvements that protect against or minimize the same type of disaster damage in the future.

For small businesses, most nonprofits and small agricultural cooperatives, Economic Injury Disaster loans can help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether a business suffered any property damage.

For homeowners, disaster loans up to $200,000 are available to repair or replace damaged or destroyed primary residences. Homeowners and renters are also eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Businesses and residents who sustained damage are encouraged to register before the Aug. 13 deadline. The deadline to apply for Economic Injury Disaster loans is March 14, 2019.

Apply online at disasterloan.sba.gov/ela or contact SBA’s Customer Service Center at 800-659-2955 or disastercustomerservice@sba.gov. Completed applications also may be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.