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

The U.S. Small Business Administration announced today it has approved more than $5 million in federal disaster loans for Hawaii businesses and residents impacted 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 from this disaster, according to Tanya N. Garfield, director of SBA’s Disaster Field Operations Center-West.

“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” said Garfield in a news release. “Don’t miss out on any assistance you may be entitled to by not registering for help. 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, which is open from 8 a.m. to 8 p.m. daily at the Keaau High School Gym. No appointment is necessary.

Businesses of all sizes, as well as 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, prevent or minimize the same type of disaster damage from occurring 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 one’s damaged or destroyed primary residence. 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 damages are encouraged to register prior to the Aug. 13 deadline.

Apply online are call SBA’s Customer Service Center at (800) 659-2955 or email 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.

The deadline to apply for property damage is Aug. 13, while the deadline to apply for economic injury is March 14, 2019.

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