Oahu residents and businesses eligible for disaster loans from March storms – Honolulu, Hawaii

Honolulu, Hawaii 2021-04-30 20:27:00 –

Oahu residents and small businesses affected by the March storms, floods and landslides are eligible for low-interest disaster loans through the US Small Business Administration.

Flash floods and torrential rains, which began on March 8 and continued until March 18, affected many families and businesses on the North Shore. During the storm, 36 homes and 4 businesses were severely damaged, and 10 more were minimally damaged.

“This is a great opportunity for residents and business owners affected by last month’s floods and landslides to take steps to recover from the disaster. Thanks to SBA for supporting the affected communities. We encourage residents and business owners to take advantage of this opportunity, “Governor David Ige said in a news release.

According to Lorinda Wonlau, head of resilience at the Hawaii Emergency Management Agency, the Small and Medium Business Administration will contact all applicants who report physical or financial damage and assist them through the loan registration process. is.

Businesses and private nonprofits can apply for up to $ 2 million in loans to repair or replace real estate, machinery, inventory, or other items destroyed or damaged in the storm.

Homeowners are eligible to rent up to $ 200,000 to repair or replace a destroyed or damaged property.

Both homeowners and lessors are also eligible for up to $ 40,000 to assist in the repair or replacement of personal property.

Authorities said homeowners and business owners who had already repaired storm-stricken real estate were eligible for a loan. Applicants are advised to take a picture and keep a receipt for all repairs.

Interest rates can be as low as 3% for businesses, 2% for nonprofits, and 1.25% for homeowners and renters for up to 30 years.

The Virtual Business Recovery Center opens today to help business owners. A virtual disaster loan outreach center has also been set up to assist homeowners and renters. Representatives can answer questions about the disaster loan program, application process and assist in completing an electronic loan application.

The deadline for filing property damage is June 28, and the deadline for filing financial damage is January 31, 2022.


>> Customer service representatives at the Virtual Business Recovery Center and Virtual Disaster Loan Outreach Center are available Monday through Friday from 8 am to 8 pm EST.

>> For more information, please send an email to the Small and Medium Business Administration Disaster Site Operations Center-West Office. FOCWAssistance@sba.gov Or call 800-659-2955.

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