The U.S. Small Business Administration (SBA) has announced the opening of a Business Recovery Center in Honolulu to provide assistance to small businesses affected by the Maui wildfires that started on August 8, 2023. The center is a partnership between the SBA and the Hawaii Small Business Development Center (SBDC), and will offer a range of services to help small business owners recover and rebuild.
SBA Disaster Loans Available for All Hawaii Counties
The opening of the Business Recovery Center in Honolulu follows a recent expansion of the disaster declaration by the Biden Administration, which allows small businesses in all five of Hawaii’s counties to access SBA disaster loans. The loans can be used to repair or replace damaged or destroyed property, machinery, equipment, inventory, and other business assets. The loans can also provide working capital to help small businesses overcome the economic impact of the disaster.
The SBA offers up to $2 million in disaster loans for each eligible small business, with interest rates as low as 2.855% for businesses and 1.563% for nonprofits, and terms up to 30 years. The SBA also offers Economic Injury Disaster Loans (EIDL) for small businesses that suffered substantial economic injury as a result of the disaster, regardless of whether they sustained physical damage or not. The EIDLs can provide up to $2 million in working capital, with interest rates of 2.855% for businesses and 1.563% for nonprofits, and terms up to 30 years.
One-Stop Location for Business Assistance
The Business Recovery Center in Honolulu will provide a one-stop location for small businesses to access a variety of specialized help from SBA customer service representatives and SBDC business advisors. The center will be located at Hawaii Foreign – Trade Zone No. 9, 521 Ala Moana Blvd, Suite #201, Pier 2, Honolulu, HI 96813, and will be open Mondays – Saturdays, from 9 a.m. to 6 p.m.
SBA customer service representatives will meet with each small business owner to explain how an SBA disaster loan can help finance their recovery. They will answer questions about SBA’s disaster loan program, explain the application process and help each business owner complete their electronic loan application.
SBDC business advisors will provide business assistance to clients on a wide variety of matters designed to help small business owners re-establish their operations, overcome the effects of the disaster and plan for their future. Services include assessing business working capital needs, evaluating the business’s strength, cash flow projections, and reviewing options with the business owner to help them make decisions that are appropriate for their situation.
Homeowners and renters from Maui who have been displaced by the Maui wildfires may also visit the center to meet with SBA customer service representatives and apply for SBA disaster loan assistance.
Ongoing Support for Maui County
SBA representatives will continue to be available at the Business Recovery Center in Kihei, Maui County, to provide information on SBA disaster loans and business assistance on the dates and times indicated. The center is located at Hawaii Technology Development Corporation, Maui Research Technology Center, Building # A, Ste. 119 (Conference Room), 590 Lipoa Pkwy., Kihei, HI 96753, and is open Mondays – Fridays, from 8 a.m. to 5 p.m., and Saturdays, from 10 a.m. to 2 p.m.
SBA’s Director Jeffrey Lusk of the Disaster Field Operations Center-West said that SBA’s mission-driven team stands ready to help Hawaii’s small businesses and residents impacted by wildfires. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild,” he said.
