SBA reminds Maui nonprofits of Dec. 7 deadline for Hurricane Lala disaster loans

The US Small Business Administration is reminding private nonprofit organizations in Maui County that the deadline to apply for federal physical damage disaster loans tied to Hurricane Lala is Dec. 7.

Tthe loans are available to eligible private nonprofits and faith-based organizations affected by the hurricane, which struck Aug. 14-16. Besides Maui County, the SBA’s disaster declaration covers the City and County of Honolulu and Hawaiʻi County.

The SBA said it offers three types of assistance:

• Physical disaster loans to repair or replace damaged property, equipment, inventory and other assets.
• Economic injury disaster loans for working capital to cover operating expenses affected by the disaster. The deadline for these is July 7, 2027.
• Mitigation funding, which can raise a loan by up to 20% of verified losses so organizations can make building upgrades.

According to the SBA, nonprofits can borrow up to $2 million, with interest rates as low as 3.625% and terms of up to 30 years. The agency said borrowers owe no interest or payments during the first 12 months after the loan is disbursed.

Applicants can apply online at sba.gov/disaster. Questions can go to the SBA’s National Support Network Center at 866-722-4357 or disastercustomerservice@sba.gov. People who are deaf, hard of hearing or have a speech disability can dial 7-1-1 to use telecommunications relay services.