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The Honolulu Advertiser
Posted on: Wednesday, January 7, 2009

Oahu flood-damage loans available

Advertiser Staff

The Small Business Administration is making low-interest loans available to businesses and homeowners for damage sustained in the O'ahu storms and flooding Dec. 10 to 16.

The loan program is a result of a Jan. 5 presidential disaster declaration.

Homeowners can borrow up to $200,000 to repair or replace their primary residence. Homeowners and renters can borrow up to $40,000 to repair or replace personal property.

Businesses of any size and private nonprofit organizations can borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery, equipment, inventory and other assets.

Small businesses and most private nonprofits can borrow to help meet working capital needs caused by the disaster, regardless of whether they sustained any property damage.

Interest rates are as low as 2.687 percent for homeowners and renters and 4 percent for businesses, with terms up to 30 years. The SBA determines loan amounts and terms based on each applicant's financial condition.

To be considered for disaster assistance, first call the Federal Emergency Management Agency at 800-621-3362. After registering with FEMA, apply for a loan:

  • In person at a local assistance center, where SBA representatives will explain the program, answer questions and help you complete the disaster loan application. (Officials will soon be announcing when and where local assistance centers will open.)

  • Online at: https://disasterloan.sba.gov/ela.

  • By mailing an application to the SBA at 14925 Kingsport Rd., Fort Worth, TX 76155-2243.

    For details, contact the SBA's Customer Service Center at disastercustomerservice@sba.gov or 800-659-2955, or go to www.sba.gov/services/disasterassistance.