The disaster era business loans that are becoming key to Main Street's survival

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Hawaii wildfires and Hurricane Idalia underscore the costly effects of natural disasters on small business. Knowing the emergency funding options is critical.

are available to small businesses and most private nonprofit organizations in Hawaii, Honolulu and Kauai counties as a result of wildfires that began August 8 in Maui County. Interest rates on these loans can be as low as 4 percent for small businesses and 2.375 percent for private nonprofit organizations, with terms up to 30 years. Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement.

for businesses in a declared disaster area to cover property damage to the business. Businesses of any size and most private non-profit organizations may apply. Loan proceeds can be used for the repair or replacement of real property, machinery, equipment, inventory and fixtures. Qualified businesses can receive up to $2 million to cover disaster losses not fully covered by insurance.

Before disaster strikes, small businesses should also check their insurance coverage to see what's covered — and what's not — for every imaginable type of disaster, Groves said.

 

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