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<br />DR-4366-HI NR007 <br />July07, 2018 <br />HI-EMA-PIO: 808-733-4300 <br />NEWS DESK: 808-851-7928 <br />News Release <br />Low-Interest Disaster Loans Fueling Kilauea Recovery for Homeownersand <br />Renters <br />HONOLULU–Hawai’i County homeownersand renters with lossesfrom theKilauea eruptions are <br />utilizing low-interest disaster loans to help fund their recovery. <br />The U.S.Small Business Administration is the federal government’s primary source of money for thelong-term <br />rebuilding of disaster-damaged private property. <br />Registering with the Federal Emergency Management Agencyand applying with the SBA are critical steps in the <br />recovery process. FEMA and SBA are joint federal partners assisting with Hawaii’s recovery efforts. <br />“Even the maximum allowable FEMA award is unlikely to replace a disaster damaged home,” said <br />Federal Coordinating Officer Bern Ruiz. “Most disaster recovery is funded by low-interest loans from <br />the SBA.” <br />SBA can provide loans up to $200,000 to homeowners to repair or replace disaster-damaged real estate <br />and up to $40,000 for personal property, including furniture and automobiles. <br />Renters are also eligible to apply for low interest disaster loans up to $40,000 to help recover from <br />personal property losses, including furniture, clothing and vehicles. <br />Low interest disaster loans from the U.S. Small Business Administration are being used to: <br />Repair or replace disaster damaged real estate <br />Replace disaster damaged or destroyed personal property including furniture, clothing, <br />appliances and vehicles; <br />Make improvements to reduce the risk of future damage. <br />Most survivors who register for disasteraid with the Federal Emergency Management Agency are <br />referred to SBA for additional disaster recovery funding.Submitting an SBA loan application is an <br />important step in the recovery process because it may qualify the applicant for more FEMA grants. <br />There is no obligation to accept a disaster loan, if offered. <br />If the SBA is unable to provide a low interest disaster loan, in many cases applicants are referred back to <br />FEMA for other grant assistance. Applicants have 6 months to request reconsideration with the SBA. <br /> <br />