HI-EMA NEWS RELEASE: LOANS AVAILABLE FOR BUSINESSES AFFECTED BY KAUAI DROUGHTPosted on Dec 10, 2020 in Latest Department News, Newsroom
HONOLULU — Hawaii Emergency Management Agency (HI-EMA) would like to remind the public that small nonfarm businesses on Kauai are now eligible to apply for low interest federal disaster loans from the U.S. Small Business Administration. These loans offset economic losses because of reduced revenues caused by drought in Kauai County that began Sept. 22, 2020.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million, to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
“These monies can prove to be an indispensable aid for struggling small businesses on the Garden Island that were affected by the drought that started in September,” said HI-EMA Administrator Luke Meyers.
Eligibility for these 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 3 percent for businesses, and 2.75 percent for private nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship.
By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on Nov. 13, 2020.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for economic injury is July 13, 2021.
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