Deadline looming to apply for federal disaster loans due to drought on Kauaʻi
The application deadline is April 17, 2023 to apply for the U.S. Small Business Administration’s Economic Injury Disaster Loans related to drought conditions in Kaua‘i County.
The loans are intended to offset economic injury resulting from reduced revenues caused by the drought that was declared on Kaua’i on Aug. 9, 2022. The county had been suffering from severe drought conditions for months.
These loans “may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact,” said Tanya N. Garfield with the Small Business Administration. “Economic injury assistance is available regardless of whether the applicant suffered any property damage.”
Loans of up to $2 million to meet working capital needs caused by the disaster are available to qualifying small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size.
The low-interest loans carry rates of 3.04 percent for businesses and 1.875 percent for private nonprofit organizations, with a maximum term of 30 years.
The Hawai‘i Emergency Management Agency encourages qualified businesses that need assistance to apply.
Applicants can learn more and find forms on the SBA website at https://disasterloanassistance.sba.gov/. They also may call 800-659-2955 or email [email protected] for more information.
People who are deaf, hard of hearing, or have a speech disability may dial 7-1-1 to access telecommunications relay services.
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.