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One month left to apply for SBA disaster loans

By Staff | Jun 6, 2019

SACRAMENTO, Calif. – Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West last week reminded Hawaii private nonprofit organizations of the June 27, 2019, deadline to apply for an SBA federal disaster loan for economic injury caused by Hurricane Lane.

The storm impacted the state from Aug. 2229, 2018.

Private non-profits that provide essential services of a governmental nature are eligible for assistance.

According to Garfield, eligible private non-profits of any size may apply for SBA Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster.

“Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage,” Garfield said.

These low-interest federal disaster loans are available in Hawaii, Kauai and Maui counties.

The interest rate is 2.5 percent with terms up to 30 years.

Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela.

Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or e-mail disastercustomerservice@sba.gov for more information on SBA disaster assistance.