Deadline Looms for Hawaii Small Businesses to Apply for Disaster Loans Related to Drought
Small businesses in Hawaii are facing a deadline to apply for disaster loans related to the drought that affected the state in 2021. The U.S. Small Business Administration (SBA) is offering low-interest loans to help eligible small businesses recover from the economic impact of the drought.
The Drought in Hawaii
Hawaii experienced a severe drought in 2021, affecting various regions of the state. According to the National Oceanic and Atmospheric Administration (NOAA), Hawaii had the driest spring season on record in 2021, with some areas experiencing rainfall deficits of up to 12 inches.
The drought had a significant impact on Hawaii’s agriculture industry, as well as other small businesses that rely on water resources. As a result, the SBA is offering disaster loans to eligible small businesses affected by the drought.
Disaster Loans from SBA
The SBA is offering low-interest disaster loans to eligible small businesses in Hawaii affected by the drought. The loans are available to small businesses, agricultural cooperatives, and private non-profit organizations that suffered financial losses due to the drought.
Small businesses can apply for loans of up to $2 million, with interest rates as low as 2.88% for private non-profit organizations and 3% for small businesses. The loans can be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the drought not occurred.
Deadline to Apply
Small businesses in Hawaii have until March 14, 2022, to apply for disaster loans related to the drought. After this date, the SBA will stop accepting new applications, and small businesses will no longer be able to access this financial assistance.
How to Apply
Small businesses in Hawaii can apply for disaster loans related to the drought through the SBA’s website. The application process is straightforward and requires businesses to provide information about their financial losses and other relevant details.
Final Thoughts
The drought in Hawaii had a significant impact on the state’s small businesses, particularly those in the agriculture industry. The disaster loans offered by the SBA are an essential lifeline for eligible small businesses struggling to recover from the economic impact of the drought. With the deadline to apply fast approaching, it’s crucial that small businesses in Hawaii take advantage of this financial assistance to help them get back on their feet.
