SBA opens Portable Loan Outreach Center in Lahaina
SACRAMENTO, Calif. – The U.S. Small Business Administration’s Disaster Field Operations Center-West this week announced the opening of its Portable Loan Outreach Center (PLOC) to meet the needs of businesses and individuals who were affected by the Maui wildfires that began Aug. 8.
The center is open in Lahaina. Customer service representatives will be on hand at the PLOC to assist business owners, homeowners and renters with questions about the SBA Disaster Loan Program, as well as answer questions about the application process and assist with starting an application.
No appointment is necessary. The Portable Loan Outreach Center
is located at 30 Halawai Dr. in Lahaina and open Monday through Saturday from 9. a.m. to 5 p.m.
SBA continues to provide one-on-one assistance to disaster loan applicants at the federal-state Disaster Recovery Centers (DRC) and SBA’s Business Recovery Center (BRC) on Maui to explain the SBA’s disaster loan program and help business owners and residents apply for disaster loans.
Homeowners, renters and business owners from Maui who have been displaced by the Maui wildfires, and Oahu-based small businesses that have working capital needs caused by the Maui wildfires, may also visit the Honolulu County center to meet with SBA representatives and apply for disaster loans.
Maui businesses of all sizes and private nonprofit 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 businesses and homeowners to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations in all Hawaii counties, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the Maui wildfires.
Economic injury assistance is available, regardless of whether the business suffered any property damage.
The SBA’s disaster loans are available up to $500,000 to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest rates are 4 percent for businesses, 2.375 percent for private nonprofit organizations and 2.5 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. The SBA’s disaster loan repayment begins 12 months from the date of the first disbursement.
To be considered for all forms of disaster assistance, survivors must first register with the Federal Emergency Management Agency at www.disasterassistance.gov.
Applicants may apply online, receive additional disaster assistance information and download applications at https://www.sba.gov/hawaii-wildfires. Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or e-mail disastercustomerservice@sba.gov for more information on the SBA’s disaster assistance.
For people who are deaf, hard of hearing, or have a speech disability, dial 7-1-1 to access telecommunications relay services.
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for property damage is Oct. 10, 2023. The deadline to apply for economic injury is May 10, 2024.