Need a federal disaster loan for minor storm damage in Kona? Deadline: March 29

The “Kona Depression” in December 2021 caused flash flooding and property damage to an area of ​​Maui Meadows in Kīhei. Photo credit: Larena Nellies-Ortiz.

There are only a few weeks left to apply for a federal disaster loan from the U.S. Small Business Administration for physical damage sustained during the December 2021 “Kona low” severe weather, floods, and landslides.

Residents and businesses of Maui County (including Molokaʻi and Lānaʻi), City and County of Honolulu, and contiguous Kalawao County who wish to apply for a personal property or physical disaster loan must do so before on March 29, 2022.

The Small Business Administration (SBA) has already approved more than $400,000 in low-interest loans to help residents repair damage and continue their recovery from the storm that hit Hawaiʻi from December 5-10, 2021.

Approved programs provide disaster loans from:

  • Up to $200,000 for homeowners to repair or replace damaged or destroyed real estate, and
  • Up to $40,000 for landlords or tenants to repair or replace personal property that has been damaged or destroyed.

Loans have terms of up to 30 years at interest rates as low as 1.438%.

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Businesses and private nonprofit organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Loans of up to 30 years have interest rates as low as 2.83% for businesses and 1.875% for private non-profit organizations.

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Approved programs provide disaster loans from:

  • Up to $200,000 for homeowners to repair or replace damaged or destroyed real estate, and
  • Up to $40,000 for landlords or tenants to repair or replace personal property that has been damaged or destroyed.

Loans have terms of up to 30 years at interest rates as low as 1.438%.

Businesses and private nonprofit organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Loans of up to 30 years have interest rates as low as 2.83% for businesses and 1.875% for private non-profit organizations.

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The SBA can also lend additional funds to businesses and homeowners to help pay for improvements to protect, prevent, or minimize the same type of disaster damage in the future.

A new video to explain the process has been created during a virtual briefing by the Hawaii Emergency Management Agency. The session included a presentation by the SBA, the Maui County Emergency Management Agency, and the Honolulu City and County Department of Emergency Management. To watch the video or for additional resources, click here.

Additional questions can be emailed to Hawaii Emergency Management Agency at [email protected]

Small businesses (including aquaculture), small agricultural cooperatives and most private non-profit organizations may also be eligible for economic disaster loans to help meet working capital needs caused by the disaster. , even if the company did not suffer material damage.

Applications for Economic Disaster Loans are due October 28, 2022.

Loan applications for personal property, bodily injury and economic damage can be downloaded here.

To facilitate loan applications while protecting against the risk of COVID-19, the SBA has opened a Virtual Business Recovery Center and a Virtual Disaster Lending Awareness Center. Customer service representatives can answer questions, explain the application process, and help with applying for a loan online.

Centers operate Monday through Friday from 3 a.m. to 3 p.m. Hawaii Standard Time and can be reached at 800-659-2955 or [email protected]

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