comscore Applications for economic injury loans for Marco Polo victims due in 30 days | Honolulu Star-Advertiser
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Applications for economic injury loans for Marco Polo victims due in 30 days

  • STAR-ADVERTISER

    Plywood covered damaged windows on the Marco Polo high-rise, as seen in July 2017. Small businesses affected by the Marco Polo fire in Honolulu last summer have until June 11 to apply for low-interest, federal disaster loans from the U.S. Small Business Administration for economic injury.

Small businesses affected by the Marco Polo fire in Honolulu last summer have until June 11 to apply for low-interest, federal disaster loans from the U.S. Small Business Administration for economic injury.

Small, nonfarm businesses, agricultural cooperatives and businesses engaged in aquaculture, and most private, nonprofit organizations of any size may apply for the loans of up to $2 million to help meet working capital needs caused by the disaster.

The loans are also for businesses, such as unit owners who rent their units out, to receive working capital until their unit repairs are completed.

“Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact,” said Tanya N. Garfield, director of the SBA’s Disaster Field Operations Center-West, in a news release. “Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Garfield said.

The interest rates can be as low as 3.3 percent for businesses, and 2.5 percent for private, nonprofit organizations with terms up to 30 years. The loan amounts and terms are set by SBA based on each applicant’s financial condition.

Applications for physical damage loans were due Nov. 13, 2017. To date, the SBA has approved 23 recovery loans for the Marco Polo fire, totaling $730,000, including 16 to homeowners and renters ($493,700) and seven to businesses ($236,300).

Applicants may receive additional disaster assistance information, download applications and apply online at disasterloan.sba.gov/el, call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information.

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

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