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Kona Low Storm Disaster Relief Loan Applications Available | News, Sports, Jobs

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The U.S. Small Business Administration on Friday authorized low-interest federal disaster loans for businesses and residents in Maui County who have been affected by severe storms, flooding and landslides. following the “Kona Low” storm that swept through Hawaii in early December.

Loan applications will be accepted by “virtual help desks” starting today online at https://disasterloanassistance.sba.gov/ela/s/ for affected businesses and residents on Oahu, Maui, Lanai and Molokai.

The deadline to file a property damage claim is March 29. Economic injury claims must be filed by Oct. 28, according to the SBA.

“We are pleased that the SBA has made federal assistance available following the record rainfall and widespread damage produced by the Kona Depression in December 2021,” said Luke Meyers, administrator of the Hawaii Emergency Management Agency.

Following Hawaii Governor David Ige’s emergency disaster relief statement that the SBA received last week, HI-EMA has been working with counties and the Federal Emergency Management Agency to assess damage from the storm that occurred Dec. 5-10, according to a news release. .

Approved programs include disaster loans of up to $200,000 for homeowners to repair or replace damaged or destroyed property, and up to $40,000 for homeowners or tenants to repair or replace property personnel that have 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.

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, according to the news release.

Small businesses, including aquaculture, as well as small agricultural cooperatives and most private non-profit organizations may be eligible for economic disaster loans to help meet working capital needs caused by the storm. bass from Kona, although the company did not suffer any property damage.

“We are committed to providing federal disaster loans quickly and efficiently, with a client-centric approach to help businesses and communities recover and rebuild,” SBA Administrator Isabella Casillas said in a news release Friday.

To facilitate loan applications, the SBA will open a Virtual Business Recovery Center and a Virtual Disaster Loan Awareness Center beginning January 31 from 3 a.m. to 3 p.m. HST Monday through Friday.

Customer service representatives can answer questions, explain the application process, and help with applying for a loan online.

Centers can be contacted at (800) 659-2955 or [email protected]

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