News release from U.S. Small Business Association: Relief Still Available to Hawaii Businesses Hit by April 2024 Flood
The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Hawaii of the Feb. 21, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by severe storms, flooding and landslides that occurred April 11-12, 2024.
The disaster declaration covers the counties of Hawaii, Honolulu, Kalawao, Kauai, and Maui.
Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
“When disasters strike, businesses and nonprofits face significant challenges,” said Randle Logan, acting associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “These SBA loans provide the financial support they need to manage costs and continue moving forward.”
The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.
SBA’s disaster loan program has been replenished through the American Relief Act of 2025, signed into law by President Biden on December 21, 2024.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
Submit completed loan applications to the SBA no later than Feb. 21.
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