Non-farm small businesses in Maui and Kalawao counties that have been affected by the recent drought can apply for low-interest federal disaster loans, the U.S. Small Business Administration announced Tuesday.
The loans are intended to offset economic losses due to reduced incomes caused by the drought that began on March 15, according to a press release.
Businesses may be eligible for economic disaster loans of up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.
The loans carry an interest rate of 2.94% for businesses and 1.875% for private non-profit organizations, with a maximum term of 30 years.
The deadline to apply is January 6, 2023.
Applicants can apply online, receive additional information about disaster assistance, and upload applications at Disasterloanassistance.sba.gov.
They can also call the SBA Customer Service Center at (800) 659-2955 or email [email protected] for more information.
For people who are deaf, hard of hearing or have a speech impediment, dial 711 to access telecommunications relay services.
Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.