SBA Amends Individual and Public Assistance Maui Wildfires Disaster Declarations to Include Damage from High Winds

SACRAMENTO, Calif. – The U.S. Small Business Administration has amended the Maui wildfires disaster declarations. Now, in addition to damage from the wildfires that began on Aug. 8, damage from high winds can be considered for businesses, residents and private nonprofit organizations in Maui who need access to low-interest federal loans.

As of Oct. 25, SBA has served 7,986 visitors at  Disaster Recovery Centers, Business Recovery Centers, Business Resource Assessment Center, Portable Loan Outreach Center and the Council for Native Hawaiian Advancement statewide. SBA has approved 1,219 disaster assistance loans for almost $200 million, 398 business loans for $58,999,400 and 821 loans for homeowners and renters for $140,931,200.

SBA Disaster Declaration HI 18061 Provides Low-interest Federal Loans to Maui Small Businesses, Private Nonprofits, Homeowners and Renters

Businesses of all sizes and 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 also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.

Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

Interest rates are 4% for businesses, 2.375% for private nonprofit organizations and 2.5% for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. The SBA’s disaster loan repayment begins 12 months from the date of the first disbursement.

Homeowners, renters and business owners from Maui who have been displaced by the Maui wildfires and all Hawaii-based small businesses that have working capital needs caused by the Maui wildfires may also visit the centers to meet with SBA representatives and apply for disaster loans.

The SBA continues to provide one-on-one assistance to businesses and residents at all federal-state Disaster Recovery Centers, SBA Business Recovery Centers, Business Resource Assessment Center and an SBA Portable Loan Outreach Center to explain the SBA’s disaster loan program and help each business owner and resident apply. A link to the Hawaii recovery locations can be found here under Locations to Receive Assistance. 

The deadline to apply for property damage is Nov. 9, 2023. The deadline to apply for economic injury is May 10, 2024.

SBA Disaster Declaration HI 18094 Provides Low-interest Federal Loans to Private Nonprofits that Provide Essential Services of a Governmental Nature

Private nonprofit organizations should contact Public Assistance Lead Brian Fisher of the Hawaii Emergency Management Agency by calling (808) 518-7985 or emailing Brian.j.fisher@hawaii.gov to obtain information about applicant briefings. At the briefings, private nonprofit representatives will need to provide information about their organization. The Federal Emergency Management Agency will use that information to determine if the private nonprofit provides an “essential governmental service” and is a “critical facility” as defined by law. If so, FEMA may provide the private nonprofit with a Public Assistance grant for their eligible costs. If not, FEMA may refer the private nonprofit to SBA for disaster loan assistance.

SBA may lend private nonprofits up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

For certain private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help with meeting working capital needs caused by the disaster. Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the nonprofit suffered any property damage. 

The interest rate is 2.375% with terms up to 30 years. The deadline to apply for property damage is Oct. 25, 2023. The deadline to apply for economic injury is May 21, 2024.

Applicants may apply online, receive additional disaster assistance information and download applications atSBA.gov/disaster. Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on the SBA’s 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 U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

Link to recovery centers can be found here and at:
https://disasterloanassistance.sba.gov/ela/s/disaster-details?recordId=a0e82000000IekiAAC

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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 https://www.sba.gov/hawaii-wildfires.