SBA Economic Injury Disaster Loans Still Available for Hawaii County
Attention business owners and nonprofits: SBA’s Economic Injury Disaster Loans (EIDL) are still available for those who’ve been impacted by the Kilauea Volcano Eruptions, Earthquakes and lava flows in Hawaii County.
Small businesses and most private nonprofit organizations of all sizes may still apply for low-interest loans due to economic injury losses, until the application deadline, which is on March 14, 2019. These low-interest loans are to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business or nonprofit suffered any property damage.
Business owners should keep this funding option open, even if they’re not sure they may need or want to borrow any funds. There is no cost to apply and no obligation to accept any funds. No collateral is required for loans of $25,000 or less. These funds can help businesses or nonprofits with cash flow during the period of revenue impacts due to the volcano on the Big island.
Interest rates can be as low as 3.61 percent for businesses and are 2.5 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Go to SBA online to apply at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339.
SBA also continues to staff the Disaster Recovery Center located at the Pāhoa Neighborhood Facility, 15-3022 Kauhale St., which is open from 8 a.m. to 6 p.m. Monday through Friday and from 8 a.m. to 4 p.m. Saturday until the end of September. The application deadline for physical losses from the volcano was Wednesday, Sept. 12, 2018.