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SBA official briefs council on disaster loans for fire-impacted businesses, application deadline in October
Summary
A Small Business Administration public information officer told the council businesses affected by recent fires may be eligible for Economic Injury Disaster Loans of up to $2 million and described basic terms and the application website.
A Small Business Administration representative told the Hawaiian Gardens City Council that businesses affected by recent local fires may qualify for Economic Injury Disaster Loans (EIDL) of up to $2,000,000 to cover working capital and fixed obligations.
Kim Weatherby, public information officer with the SBA Office of Disaster Recovery and Resilience, said the EIDL helps businesses meeting financial need after disasters and noted benefits including low initial interest and deferred payments. "There are a lot of benefits to an SBA loan, such as 0% interest and no payment for the first 12 months," Weatherby said.
Weatherby said some affected businesses may not yet realize they qualify and that the application deadline for affected communities is Oct. 8 (the date was given in the presentation). She directed business owners to sba.gov/disaster for online applications and encouraged anyone who prefers to speak with an SBA representative to contact the agency; the presenter offered to provide further contact details to city staff after the meeting.
Why it matters: The SBA program can provide working-capital loans to help firms meet payroll, accounts payable and other fixed debts after disasters. The council received the briefing as informational; no action was required.
The SBA representative said staff would be available to follow up and provided contact information to city staff at adjournment.
