The U.S. Small Business Administration (SBA) is reminding private nonprofit organizations in Hawaii about the approaching deadline to apply for federal disaster loans. These loans aim to mitigate economic losses from severe weather events, including storms, flooding, and landslides that occurred from April 11-14, 2024.
The disaster declaration specifically affects Kauai County. Through this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is available to nonprofits providing non-critical governmental services that have suffered financial losses due to the disaster. Eligible entities include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
EIDLs can address working capital needs resulting from the disaster even if no physical damage was sustained by the nonprofit. These loans may cover fixed debts, payrolls, accounts payable, and other expenses that could have been met if not for the disaster.
Loan amounts can reach up to $2 million with interest rates as low as 3.25% and terms extending up to 30 years. Interest does not accrue nor are payments required until 12 months after the first loan disbursement. The SBA determines loan amounts based on each applicant's financial situation.
Applications must be submitted by March 17, 2025. To apply online or obtain more information on SBA disaster assistance, visit SBA.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Individuals who are deaf or hard of hearing can use telecommunications relay services by dialing 7-1-1.