SBA offers $600K in Marco Polo assistance loans

The U.S. Small Business Administration’s Hawaii District Office has approved more than $600,000 in federal disaster loans for Hawaii businesses and residents affected by the Marco Polo fire in Honolulu that occurred July 14.

The SBA approved $197,500 for businesses and $442,100 for residents to help rebuild and recover from the disaster.

“Although the deadline to apply for property damage loans has expired, small businesses and most private nonprofit organizations of any size may continue to apply for an Economic Injury Disaster Loan to help meet working capital needs caused by the disaster,” Hawaii District Director Jane Sawyer said Thursday. “Economic injury assistance is available regardless of whether the business or nonprofit organization suffered any property damage.”

Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for an Economic Injury Disaster Loan of up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

These low-interest disaster loans are available in Honolulu.

The interest rate is 3.305 percent for businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years. The deadline to apply for an SBA economic injury disaster loan is June 11.

Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela. Applicants also may 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. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.