Maui, Hawaii, Feb. 08, 2024 (GLOBE NEWSWIRE) -- On Thursday, Feb. 8, 2024, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses and startups visited Maui, HI, to highlight the agency’s work in the aftermath of the disastrous August 2023 wildfires, meet with local partners involved in Maui’s recovery, and speak with impacted communities.
“In the six months since the devastating Maui wildfires, the U.S. Small Business Administration has helped deliver the Biden-Harris Administration’s whole-of-government approach to Maui’s recovery by scaling up our local operations, expanding our partnerships on the ground, and offering financial relief and technical assistance to small businesses and the communities they serve,” said Administrator Guzman. “The SBA has directed more than $292 million in loans to small business owners, nonprofits, and renters seeking to rebuild their lives. We know there is still a long road ahead to economic recovery, and the SBA stands ready to work alongside federal, state, local, and private partners to ensure all of the communities impacted can reimagine and rebuild leveraging the full resources of the SBA.”
Administrator Guzman first traveled to Maui alongside FEMA Administrator Deanne Criswell on Aug. 11, 2023, following President Biden’s disaster declaration in Hawaii. The Administrators surveyed the damage and highlighted federal resources available to those affected by the wildfires. The SBA also opened its first Business Recovery Center (BRC) on Maui ahead of President Biden’s visit on Aug. 21, where he met with local officials regarding ongoing recovery efforts and continued to commit the full weight of the federal government to help the people of Hawaii rebuild.
As of February 5, 2024, the SBA has approved more than 1,700 loans totaling $292.7 million in disaster lending for Hawaii:
- $189.4 million total for home loans
- $103.3 million total for business loans
In an effort to honor the cumbersome nature of recovery, the SBA has implemented other flexibilities in delivering critical funding. For example, the agency has deferred interest 12 months from loan disbursement and has waived the requirement to re-underwrite after 12 months.
Currently, the SBA is offering assistance at eight disaster centers in impacted areas with a total of 37 SBA staff members on the ground and ready to help:
- Joint Field Office (JFO) Honolulu, Hawaii – Prince Kuhio Federal Building
- Interim Operating Facility (IOF) Lahaina, Maui County – Sheraton
- Disaster Loan Outreach Center (DLOC) Kahului, Maui County – Kahului Public Library
- Business Recovery Centers (BRC) Kihei, Maui County – MRTC
- Disaster Recovery Centers (DRC) Lahaina, Maui County – Civic Ctr.
- BRC Honolulu, Honolulu County – Pier 2
- Business Resource Assessment Center (BRAC) Kihei, Maui County – MRTC
- **Pop-up ~ Council for Native Hawaiian Advancement – 70 E Kaahumanu Ave., Kahului, HI 96732
The SBA provides one-on-one assistance to disaster loan applicants at all the federal-state centers to explain the SBA’s disaster loan program and help business owners and residents close their approved disaster loans. Outreach from SBA field locations in disaster recovery centers has reached nearly 6,000 survivors. The SBA has also reached out to nearly 4,000 survivors in various shelters, both the initial congregate shelters and later hotel lodging and other non-congregate shelters.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other business assets. The SBA can also lend additional funds to help businesses and residents with the cost of making improvements that protect, prevent, or minimize the same type of disaster damage from occurring in the future.
For small businesses and most private nonprofit organizations of all sizes, SBA offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline to apply for economic injury is May 10, 2024.
Disaster loans up to $500,000 were available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters were eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles. The deadline for physical disaster loans was December 11, 2023. However, the SBA will work on a case-by-case basis to extend depending on a survivor’s circumstances.
Interest rates for these loans can be as low as 4 percent for businesses, 2.375 percent for private nonprofit organizations, and 2.5 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
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 disastercustomerservice@sba.gov 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 the U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Christine Saah-Nazer U.S. Small Business Administration 202-756-0304 Christine.saahnazer@sba.gov Han Nguyen U.S. Small Business Administration 202-756-0304 han.nguyen@sba.gov
