SBA offers low-interest loans to Hawaii businesses affected by Japan tsunami disaster

SACRAMENTO, CA – Karen G. Mills, Administrator of the U.S. Small Business Administration (SBA), announced today that low-interest federal disaster loans are now available to residents and business owners in the City and County of Honolulu who suffered damages caused by the March 11 Honshu Tsunami.

SBA amended its March 29 declaration following additional damage assessments and following Governor Neil Abercrombie’s April 21 request. The amended declaration now covers the counties of Hawaii, Honolulu, Kalawao and Maui.

Beginning Tuesday, April 26 at 1 pm, customer service representatives will be on hand at the following SBA Disaster Loan Outreach Center to issue loan applications, answer questions about SBA’s disaster loan program, explain the application process, help each individual complete their application and close their approved loans. The center will be open on the days and times indicated.  No appointment is necessary.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate.  Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Businesses of any size and private, non-profit 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 homeowners and businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses and most private, non-profit organizations of any size, SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster.  EIDL assistance is available regardless of whether the business suffered any property damage.

Interest rates can be as low as 2.563 percent for homeowners and renters, 3 percent for private, non-profit organizations and 4 percent for businesses, with terms up to 30 years.  Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.

Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling SBA toll-free at (800) 659-2955, emailing [email protected], or visiting SBA’s Web site at www.sba.gov/services/disasterassistance.  Hearing impaired individuals may call (800) 877-8339.

The filing deadline to return applications for property damage is May 31, 2011.  The deadline to return economic injury applications is December 29, 2011.

For more information, visit SBA’s Web site at www.sba.gov/services/disasterassistance.
SBA Field Operations Center - West, P.O. Box 419004, Sacramento, CA 95841

Honolulu County
Disaster Loan Outreach Center
Civil Air Patrol (CAP) Hawaii Wing Headquarters, 419 Lele Street, Honolulu, HI 96819
Opens Tuesday, April 26 at 1 pm / Closes Wednesday, May 4
Mondays through Fridays, 1 pm to 5 pm