September 04, 2014

HIRONO URGES ELIGIBLE SMALL BUSINESSES HURT BY TROPICAL STORM ISELLE TO APPLY FOR SBA EMERGENCY LOANS

HONOLULU – Senator Mazie K. Hirono is urging eligible small, nonfarm businesses in Hawaii County that suffered significant economic damage due to Tropical Storm Iselle to apply for newly announced federal emergency loans from the U.S. Small Business Administration (SBA). This SBA support follows today's announcement from U.S. Department of Agriculture that provides access to emergency loans for affected area farmers.

“Tropical Storm Iselle caused extensive damage to Hawaii Island companies. Numerous small businesses, not just farmers, are in the rebuilding process. Affected nonfarm business owners now have available low-interest, emergency loans from the SBA,” said Hirono. “The announcements today by the U.S. Department of Agriculture and the Small Business Administration gives businesses in Hawaii County access to financial resources that will help them recover.”

SBA is required by law to make these low-interest Economic Injury Disaster Loans (EIDLs) available once the U.S. Secretary of Agriculture designates an affected area an agricultural disaster. USDA Secretary Tom Vilsack issued such a declaration for Hawaii County earlier today.

According to the SBA, small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations of any size may qualify for EIDLs of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.

To read the Secretarial disaster designation letter from USDA Secretary Thomas Vilsack, click here.