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The deadline for businesses to apply for federal loans quickly approaching

The U.S. Small Business Administration reminded locals on Tuesday that small companies in Maui, Kalawao, and Hawaii counties have until December 8 to submit an application for a federal disaster loan for revenue losses brought on by the drought that began in February.

Tanya Garfield, director of the SBA Disaster Field Operations Center-West, stated that the loans “may be utilised to cover fixed debts, payroll, accounts payable, and other payments that cannot be paid because of the disaster’s impact.”

To aid with the working capital demands brought on by the drought, small nonfarm businesses, small agricultural cooperatives, small aquaculture businesses, and most private nonprofit organisations of any size are eligible to qualify for economic harm disaster loans of up to $2 million.

According to Garfield, “SBA eligibility encompasses both the economic repercussions on businesses dependent on farmers and ranchers who have experienced losses in agricultural production induced by the disaster and businesses directly harmed by the event.” Whether the applicant sustained property damage or not, economic harm help is available.

Farming and ranching-related businesses are ineligible for SBA disaster assistance. In order to take advantage of the U.S. Department of Agriculture assistance made available by the Secretary of Agriculture’s declaration of an agricultural disaster on April 1, agricultural enterprises should get in touch with the Farm Services Agency.

For maturities up to 30 years, the interest rate is 2.94 percent for enterprises and 1.875 percent for private NGOs. The SBA determines loan amounts and conditions depending on the financial standing of each applicant.

News Summary:

  • The deadline for businesses to apply for federal loans quickly approaching
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