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FEMA <br /> <br />DR -4366 -HI FAQ 002 <br />June 22, 2018 <br />HIEMA PIO: 808-733-4300 <br />NEWS DESK: 808-851-7928 <br /> <br />Frequently Asked Questions <br /> <br />SBA Low -Interest Disaster Loans to Businesses, Private Nonprofits, Homeowners <br />and Renters <br /> <br />What is an SBA disaster loan? <br />The U.S. Small Business Administration is the federal government's primary source of money for the <br />long-term rebuilding of disaster -damaged private property. <br /> <br />SBA helps businesses of all sizes, private nonprofit organizations, homeowners and renters fund repairs <br />or rebuilding efforts and cover the cost of replacing lost or disaster -damaged personal property. These <br />disaster loans cover losses not fully compensated by insurance or other recoveries and do not duplicate <br />benefits of other agencies or organizations. <br /> <br />SBA is working in conjunction with Hawai'i County Civil Defense Agency and FEMA to help business <br />owners and residents recover from the Kilauea eruptions and earthquakes. <br /> <br />Who is eligible for SBA low-interest loans? <br />The SBA is authorized to offer low-interest disaster loans to businesses of all sizes (including landlords) <br />private nonprofit organizations, homeowners and renters that have sustained disaster -related damage. <br /> <br />What's the most common misunderstanding about SBA loans? <br />The most common misunderstanding about an SBA loan is the assumption that SBA disaster loans are <br />only for businesses. While SBA offers loans to businesses of all sizes, low-interest disaster loans are <br />also available to private nonprofits, homeowners and renters alike. <br /> <br />When should you apply? <br />Businesses, private nonprofits, homeowners and renters should apply right away with SBA as part of the <br />overall federal disaster recovery process and not wait for any insurance claims to settle. <br /> <br />Why should you apply? <br />Survivors are encouraged to submit disaster loan applications even if they do not believe that they will <br />need a disaster loan. There is no obligation to accept if offered. <br />