The Small Business Administration (SBA) is moving its Maui Outreach Center to the Maui Office of Recovery-West. This shift looks to serve better those affected by the wildfires and high winds between August 8 and September 30, 2023. The transition will happen on July 15, ensuring that disaster assistance remains accessible and efficient.
Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA, explained the relocation. “At this stage of the recovery process, the emphasis for assistance is to meet the long-term needs of businesses and individuals that were impacted by wildfires and high winds that occurred Aug. 8 ? Sept. 30, 2023,” he said. “The transition from the Royal Lahaina Resort and Bungalows to the Maui Office of Recovery-West and joining the Maui Emergency Management Agency (MEMA), as well as the other agencies and departments at the Maui Office of Recovery-West in support of wildfire survivors.”
Until Friday, July 12, SBA representatives will still be available at the Royal Lahaina Resort and Bungalows. The new location at the Maui Office of Recovery-West will open on Monday, July 15. Applicants do not need appointments to receive assistance.
For businesses and nonprofit organizations, the SBA offers loans up to $2 million to repair or replace damaged assets. These loans can also cover improvements to mitigate future disaster damage. Small businesses, agricultural cooperatives, and aquaculture businesses can apply for Economic Injury Disaster Loans (EIDL) to support working capital needs, regardless of property damage.
Homeowners can borrow up to $500,000 to fix or replace damaged real estate. Renters and homeowners can apply for up to $100,000 to replace personal property, including vehicles. Interest rates are as low as 4% for businesses, 2.375% for nonprofits, and 2.5% for homeowners and renters. Loan terms can extend up to 30 years based on financial conditions.
The SBA has a unique feature where interest on disaster loans does not accrue until 18 months from the first disbursement date. Repayment also starts 18 months from the initial disbursement. This offers some breathing room for businesses and individuals to stabilize before starting loan repayments.
For more information or to apply online, visit https://www.sba.gov/hawaii-wildfires. SBA’s Customer Service Center is available at (800) 659-2955, or you can email [email protected]. People with hearing or speech disabilities can use telecommunications relay services by dialing 7-1-1.
The move aims to provide a more integrated support system by co-locating with the Maui Emergency Management Agency and other recovery partners. This new setup is designed to address the long-term needs of those affected by the recent natural disasters, providing a comprehensive approach to recovery and resilience.
By combining efforts with local agencies, the SBA hopes to streamline the assistance process, making it easier for those in need to access various services in one place. This collaborative effort marks a significant step in the ongoing recovery process for Maui, ensuring that businesses and individuals receive the support they need to rebuild and thrive.
The transition from the Royal Lahaina Resort and Bungalows to the Maui Office of Recovery-West signifies a new phase in the disaster recovery effort, focusing on long-term solutions and resilience. The SBA’s commitment to supporting the military community remains steadfast, with tailored financial assistance aimed at fostering stability and growth.
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