Tuesday, May 17, 2022<\/p>\n\n\n\n
Release No. 2022-024<\/p>\n\n\n\n
HONOLULU<\/strong> \u2014 The U.S. Small Business Administration (SBA) has made low-interest federal disaster loans available to small, non-farm businesses in Maui, Kalawa\u2018o and Honolulu counties. The loans are intended to offset economic losses from lower revenue caused by the drought that has affected Honolulu and Kalawa\u2018o counties since March 15, 2022.<\/p>\n\n\n\n \u201cSBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,\u201d said Tanya N. Garfield, Director of SBA\u2019s Disaster Field Operations \u2013 West, in a news release<\/a>. U.S. Secretary of Agriculture Thomas Vilsack declared a disaster related to the drought on May 6.<\/p>\n\n\n\n Economic Injury Disaster Loans of up to $2 million are available to qualifying small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size.<\/p>\n\n\n\n The loans are intended to help meet financial obligations and operating expenses which could have been met had the drought disaster not occurred. They carry an interest rate of 2.94 percent for businesses and 1.875 percent for private nonprofit organizations, with a maximum term of 30 years.<\/p>\n\n\n\n The Hawai\u2018i Emergency Management Agency encourages qualifying businesses to that need assistance to apply before the deadline of Jan. 6, 2023<\/strong>.<\/p>\n\n\n\n Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Service Agency about assistance. However, nurseries are eligible for SBA disaster assistance in drought disasters.<\/p>\n\n\n\n