HONOLULU (KHON2) — Small Business Administration’s (SBA) Economic Injury Disaster Loans are now available to Hawaii nonfarm small businesses.
According to SBA, these loans offset economic losses because of reduced revenues caused by drought in Honolulu County that began on July 20.
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“What is clear is that the effects of climate change can be seen aboard and yet felt very close to home,” Hawaii Emergency Management Agency Administrator Luke Meyers said. “These monies can prove to be an indispensable aid for the struggling small businesses on Oahu affected by the drought.”
Normally by law, SBA said it can make Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster, which is what happened on Sept. 10 — the drought in Oahu was declared an agricultural disaster.
Businesses that are eligible to apply includes small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
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Although businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance, according to SBA, nurseries are eligible for SBA disaster assistance in drought disasters.
For more information go to, https://disasterloanassistance.sba.gov/ela/s/.