HIEMA NEWS RELEASE: Clock is Ticking to Apply for Small Business Administration Working Capital Loans for Drought
Posted on Dec 29, 2022 in Latest Department News, Newsroom
HONOLULU — The application deadline is Friday, Jan. 6, 2023 for U.S. Small Business Administration (SBA) Economic Injury Disaster Loans related to drought conditions in Honolulu, Maui and Kalawao counties.
The loans are intended to offset economic injury resulting from reduced revenues caused by the continuing drought.
These 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 – West in a news release. “Economic injury assistance is available regardless of whether the applicant suffered any property damage.”
Loans of up to $2 million to meet working capital needs caused by the disaster are available to qualifying small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size.
The low-interest loans carry rates of 2.94 percent for businesses and 1.875 percent for private nonprofit organizations, with a maximum term of 30 years.
The Hawai‘i Emergency Management Agency encourages qualifying businesses that need assistance to apply.
Applicants can learn more and find forms on the SBA website at https://disasterloanassistance.sba.gov/. They also may call (800) 659-2955 or email [email protected] for more information; people who are deaf, hard of hearing, or have a speech disability may dial 7-1-1 to access telecommunications relay services.
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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