David Y. Igé | RELEASE FROM HI-EMA: LOANS AVAILABLE FOR COMPANIES AFFECTED BY KAUAI DROUGHT
RELEASE FROM HI-EMA: LOANS AVAILABLE FOR COMPANIES AFFECTED BY KAUAI DROUGHT
HONOLULU – The Hawaii Emergency Management Agency (HI-EMA) would like to remind the public that Kauai’s small non-farm businesses are now eligible to apply for low-interest federal disaster loans from the US Small Business Administration. These loans compensate for economic losses due to the drop in income caused by the drought in Kauai County that began on September 22, 2020.
Small non-farm businesses, small farm cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations of any size may be eligible for economic disaster loans of up to $ 2 million. dollars, to help meet financial obligations and operating expenses that might have been covered had the disaster not occurred.
“These funds can prove to be a vital aid for struggling small businesses on Garden Island that have been affected by the drought that began in September,” said Luke Meyers, administrator of HI-EMA.
Eligibility for these loans is based solely on the financial impact of the disaster and not on actual property damage. These loans have an interest rate of 3% for businesses and 2.75% for private non-profit organizations, with a maximum term of 30 years, and are available for small businesses and most organizations. private nonprofit without the financial capacity to offset the negative impact without difficulty.
By law, the SBA makes economic disaster loans available when the US Secretary of Agriculture designates an agricultural disaster. The secretary declared this disaster on November 13, 2020.
Applicants can apply online, receive additional information on disaster assistance, and download applications at https://disasterloanassistance.sba.gov/. Applicants can also call the SBA Customer Service Center at (800) 659-2955 or send an email [email protected] for more information on SBA Disaster Assistance. People who are deaf or hard of hearing can call (800) 877-8339. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to submit an economic loss claim is July 13, 2021.
# # #
YouTube: Hawaii Emergency Management Agency
Linkedin: Hawaii Emergency Management Agency
Hawaiian Emergency Management Agency