Low-interest federal Economic Injury Disaster Loans are now available to small businesses and most private nonprofit organizations in Hawaiʻi, Honolulu and Kauaʻi counties as a result of wildfires that began Aug. 8 in Maui County.
The announcement was made by Administrator Isabella Casillas Guzman of the US Small Business Administration.
“This amended declaration allows the SBA to swiftly expand access to disaster loans beyond Maui and Kalawao counties so that businesses across the state with economic hardship can recover and survive,” said Administrator Guzman. “Today’s action helps deliver on President Biden’s commitment to leveraging all available resources and a whole-of-government approach to ensuring Maui and all adjacent communities build back stronger.”
Eligibility for EIDL loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4% for small businesses and 2.375% for private nonprofit organizations with terms up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.
Following recent SBA rule changes, interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
Applicants may apply online, receive additional disaster assistance information, and download applications at https://www.sba.gov/hawaii-wildfires. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email email@example.com for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7‑1-1 to access telecommunications relay services. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for economic injury assistance is May 10, 2024.