United States SBA - Community Resource Center - Business Loans | Maui Office of Recovery - West Lahaina Gateway

(EIDL) Small Business Administration (SBA) low interest, long term loans may also be available to businesses to repair or replace disaster-damaged property, inventory, and supplies or meet their necessary financial obligations due to the wildfires that began on August 8, 2023. Disaster loans help restore businesses to pre-disaster conditions, and, in some cases, protect from future disasters. They cannot be used to expand or upgrade businesses and cannot exceed the verified uninsured disaster loss.

• If you sustained physical damage to your business of any size, you may be eligible for up to $2 million in Business Physical Disaster Loans for the repair or replacement of real estate, inventories, machinery, equipment, vehicles and all other physical losses.

The SBA offers up to $2 million to businesses and private non-profits (charities, churches, private universities, etc.) for both physical and economic injury to businesses to help them recover from the wildfires. The interest rate is as low as 4% for businesses, 2.375% for private non-profits and and 2.5% for homeowners and renters with terms up to 30 years. Applicants now need to provide a written justification for physical disaster loans.

• Small businesses, small agricultural businesses, and nonprofits that have not experienced physical damage but have sustained significant economic losses as a result of the fires in the declared county and in neighboring Kalawao County, may be eligible for up to $2 million in Economic Injury Disaster Loans (EIDL) to meet necessary financial obligations.

The deadline to apply for EIDL is Saturday, November 9, 2024, with no explanation for a late application required. For Maui wildfire specific information and to download applications, visit https://www.sba.gov/hawaii-wildfires. Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 18 months from the date of the first disbursement. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.