SACRAMENTO, Calif. – Low-interest federal Economic Injury Disaster Loans (EIDL) are now available to small businesses and most private nonprofit organizations in Hawaii, Honolulu and Kauai counties as a result of wildfires that began August 8 in Maui County, announced Administrator Isabella Casillas Guzman of the U.S. 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 percent for small businesses and 2.375 percent 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 U.S. 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.
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.