In a crucial development, the U.S. Small Business Administration (SBA) has confirmed that its Recovery Centers in Hawaii will continue offering vital support to those affected by the recent wildfires and severe winds. These centers are equipped to provide specialized assistance tailored to the long-term recovery needs of both businesses and individuals in the region.
Francisco Sánchez Jr., Associate Administrator for the SBA’s Office of Disaster Recovery and Resilience, highlighted the significance of these centers as they focus on meeting the ongoing needs of communities impacted by the wildfires that occurred between August 8 and September 30, 2023. With no appointment required, these centers serve as convenient locations for accessing a comprehensive range of SBA services, all at no cost.
Recovery Center Locations in Maui County:
- Council for Native Hawaiian Advancement
- 70 E Kaahumanu Ave., Kahului, HI 96732
- Hours: Monday to Friday, 9 a.m. – 5 p.m.
- Business Recovery Center
- Hawaii Technology Development Corp., Maui Research Technology Center (MRTC), Bldg. A, Ste. 119 (Conference Room), 590 Lipoa Pkwy., Kihei, HI 96753
- Hours: Monday to Friday, 8 a.m. – 5 p.m.
- Maui Office of Recovery – West
- Lahaina Gateway, Unit 102-B (near Ace Hardware), 325 Keawe St., Lahaina, HI 96761
- Hours: Monday to Friday, 8 a.m. – 12:30 p.m. and 1:30 p.m. – 4:30 p.m.
- Business Resource and Assessment Center
- One Main Plaza, 2200 Main St., Ste. 100-C, Wailuku, HI 96793
- Hours: Monday to Friday, 8 a.m. – 5 p.m.
Disaster Loan Assistance Available
The SBA has introduced various disaster loan options designed to assist recovery:
- Businesses and private nonprofit organizations are eligible to borrow up to $2 million for repairing or replacing damaged or destroyed property, machinery, equipment, inventory, and other assets. Additional funding may be available to enhance safety against future disasters.
- Economic Injury Disaster Loans (EIDL) are accessible for small businesses, small agricultural cooperatives, aquaculture businesses, and most nonprofit organizations to cover working capital needs arising from the disaster, even if no physical damage occurred.
- Homeowners may apply for disaster loans of up to $500,000 for real estate repairs or replacements, and up to $100,000 for personal property replacements, including vehicles.
While applicants must now submit a written justification for physical disaster loans, EIDL applicants are exempt from this requirement until after November 9.
Loan Terms and Conditions
Disaster loan interest rates can start as low as 4% for businesses, 2.375% for nonprofit organizations, and 2.5% for homeowners and renters. Loan terms can extend up to 30 years, tailored based on each applicant’s financial situation.
Interest payments will not start accruing until 12 months after the initial loan disbursement, with repayments commencing 18 months following the first disbursement.
