2018-06-22 FAQs re SBA Low-Interest Disaster Loans -- press release

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If the SBA is unable to approve a loan, in many cases you will be referred back to FEMA for possible additional grant assistance Some of these additional FEMA grants could include reimbursement for lost personal property, vehicle repair or replacement, and moving and storage expenses. What is available as part of the SBA low-interest loan programs? Eligible homeowners may borrow up to $200,000 for home repair or replacement of primary residences and eligible homeowners and renters up to $40,000 to replace disaster -damaged or destroyed personal property, including automobiles. Businesses of all sizes can qualify for up to $2 million in low-interest loans to help cover physical damages. Small businesses and most private nonprofits suffering economic impact as a direct result of the disaster can apply for working capital under SBA's Economic Injury Disaster Loan (EIDL) program. The loan amount can be up to $2 million for any combination of property damage or working capital. How do I register for FEMA assistance? Hawai'i County residents who suffered losses as a result of the Kilauea eruptions may register: • At the Disaster Recovery Center in the Kea`au High School Gymnasium, 16-725 Kea`au- Pahoa Road • Online at DisasterAssistance.gov • By Phone 800-621-3362 (FEMA). Multilingual operators are available o Applicants who use 711 or Video Relay Service may also call 800-621-3362. Persons who are deaf, hard of hearing or have a speech disability and use a TTY may call 800- 462-7585. o The toll-free numbers are open from 7 a.m. to 11 p.m., seven days a week. What happens after I register? Most survivors who register with FEMA are automatically referred to the SBA. Survivors are encouraged to speak with SBA representatives to learn about the resources available. What are the loan terms? Interest rates for SBA disaster loans are as low as 1.938 percent for homeowners and renters, as low as 3.610 percent for businesses and 2.5 percent for private nonprofit organizations, with terms up to 30 years. How do I apply with the SBA? To apply for SBA low-interest disaster loans, Applicants can visit the disaster recovery center for one- on-one assistance or apply online using SBA's secure website at https://disasterloan.sba.gov/ela. In addition, applicants can get more information on SBA disaster assistance by calling SBA's Customer Service Center at (800) 659-2955, by visiting www.sba.gov/disaster, or by emailing disastercustomerservice@sba.gov. Individuals who are deaf or hard of hearing may call (800) 877-8339.