The U.S. Small Business Administration (SBA) announced today that its SBA Recovery Centers in Hawaii will continue to provide essential services to businesses and individuals affected by the recent wildfires and high winds. These centers offer a variety of specialized assistance aimed at meeting the long-term recovery needs of the community.
Francisco Sánchez Jr., Associate Administrator for the Office of Disaster Recovery and Resilience at the SBA, emphasized the importance of these centers in the recovery process. He noted that the focus is now on addressing the long-term needs of those impacted by the wildfires, which occurred between August 8 and September 30, 2023. The centers serve as a one-stop location for accessing a range of SBA services, and no appointment is necessary. All services are provided free of charge.
SBA Recovery Center Locations in Maui County:
- Council for Native Hawaiian Advancement
- 70 E Kaahumanu Ave., Kahului, HI 96732
- Open: Monday to Friday, 9 a.m. – 5 p.m.
- Business Recovery Center
- Hawaii Technology Development Corp., Maui Research Technology Center (MRTC), Bldg. A, Ste. 119 (Conference Room), 590 Lipoa Pkwy., Kihei, HI 96753
- Open: Monday to Friday, 8 a.m. – 5 p.m.
- Maui Office of Recovery – West
- Lahaina Gateway, Unit 102-B (near Ace Hardware), 325 Keawe St., Lahaina, HI 96761
- Open: Monday to Friday, 8 a.m. – 12:30 p.m. and 1:30 p.m. – 4:30 p.m.
- Business Resource and Assessment Center
- One Main Plaza, 2200 Main St., Ste. 100-C, Wailuku, HI 96793
- Open: Monday to Friday, 8 a.m. – 5 p.m.
Disaster Loan Assistance
The SBA offers a range of disaster loan options to support recovery efforts:
- Businesses of all sizes and private nonprofit organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other business assets. Additional funds may also be available to help cover the cost of improvements that protect against future disasters.
- Economic Injury Disaster Loans (EIDL) are available for small businesses, small agricultural cooperatives, aquaculture businesses, and most private nonprofit organizations to meet working capital needs caused by the disaster, regardless of whether the business suffered any property damage.
- Homeowners can apply for disaster loans up to $500,000 to repair or replace damaged or destroyed real estate, and up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Applicants must now provide a written justification for physical disaster loans; however, EIDL applicants will not be required to provide a written justification until after November 9.
Loan Terms and Repayment
Interest rates on these disaster 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. Loan terms can extend up to 30 years, with amounts and terms set based on the financial condition of each applicant.
Interest does not begin to accrue until 12 months after the first disaster loan disbursement, with repayment starting 18 months from the date of the first disbursement.
This article, "SBA Recovery Centers in Hawaii Remain Open to Assist Those Impacted by Wildfires" was first published on Small Business Trends
via https://www.aiupnow.com
Joshua Sophy, Khareem Sudlow
