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Disaster Recovery Loans for Residents and Businesses in Hawaii

By CIOReview | Thursday, August 23, 2018

Following the Kilauea volcanic eruption and earthquakes in Hawaii, the U.S. Small Business Administration (SBA) has sanctioned over $10 million in federal disaster loans for business and residents affected by the calamity. Tanya N. Garfield of the U.S. SBA states that while $989,500 have been sanctioned for businesses hit by the lava disaster that began on May 3, residents will cumulatively receive $9,211,900 to rebuild their houses.

According to Garfield, the disaster assistance employees of SBA are determined to assist residents and business in restoring their infrastructure as fast as possible. The residents and businesses that have suffered damages due to the calamity have been told to complete their online registrations for disaster recovery loans with the Federal Emergency Agency before August 13, 2018. SBA has been encouraging everybody to register before the given deadline so as to not miss out on the assistance that they are entitled to. Gabriel asserts that there is no need to wait until the insurances are settled or the contractor estimates are obtained. SBA is also providing one-to-one assistance for applicants without any prior appointment.

Businesses of any size, along with all the private nonprofit organizations, can avail up to $2 million for repair work of damaged real estate, business assets, machinery, and other equipment. In addition, SBA can provide business and residents with extra funds to make improvements in the infrastructure in order to prevent or minimize the extent of the damage caused by a similar disaster in future. SBA also offers Economic Injury Disaster Loans to small businesses and most of the nonprofit organizations to fulfill their working capital needs caused by the calamity. While homeowners are eligible for up to $200,000 of disaster loans for repair and replacement of their damaged or demolished principal residences, tenants can avail up to $40,000 for the restoration of their destroyed personal property.