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SACRAMENTO, Calif. – Portable Loan Outreach Center Assists Businesses and Individuals Affected by Maui Wildfires

The U.S. Small Business AdministrationÔÇÖs Disaster Field Operations Center-West has recently announced the opening of its Portable Loan Outreach Center (PLOC) in response to the devastating wildfires that struck Maui on August 8th. Located in Lahaina, the center aims to provide essential support and assistance to businesses and individuals affected by the disaster.

What Services Does the Portable Loan Outreach Center Provide?

To address the needs of business owners, homeowners, and renters, the Portable Loan Outreach Center offers customer service representatives who are readily available to answer inquiries related to the SBA Disaster Loan Program. These representatives can provide guidance on the application process and offer support in initiating an application. The center operates six days a week, from Monday to Saturday, with no appointment necessary.

Additional Assistance from SBA

In addition to the Portable Loan Outreach Center, the SBA continues to provide one-on-one assistance to disaster loan applicants at the federal-state Disaster Recovery Centers (DRC) and SBAÔÇÖs Business Recovery Center (BRC) on Maui. At these centers, SBA representatives explain the disaster loan program in detail and provide aid to business owners and residents throughout the application process.

Furthermore, residents and business owners from Maui who have been displaced by the wildfires, as well as Oahu-based small businesses facing working capital needs resulting from the disaster, can visit the Honolulu County center to meet with SBA representatives and apply for disaster loans.

Available Funds and Loan Terms

The SBA offers Maui businesses of all sizes and private nonprofit organizations the opportunity to borrow up to $2 million. This funding can be utilized to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other business assets. Additionally, the SBA can provide further financial assistance to businesses and homeowners for improvements aimed at preventing or minimizing future disaster damage.

Economic Injury Disaster Loans for Small Businesses

Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations across all Hawaii counties can benefit from Economic Injury Disaster Loans. These loans are specifically designed to meet working capital needs caused by the Maui wildfires, regardless of whether there was any property damage. A key advantage of these loans is their low interest rates, with rates of 4 percent for businesses, 2.375 percent for private nonprofit organizations, and 2.5 percent for homeowners and renters. Loan amounts and terms are determined by the SBA based on each applicantÔÇÖs financial condition, and repayment typically begins 12 months after the initial disbursement.

Application Process and Deadline

Applicants can register with the Federal Emergency Management Agency (FEMA) at www.disasterassistance.gov to be considered for all forms of disaster assistance. To apply for SBA disaster assistance, interested individuals can submit applications online, access additional information, and download the required forms from https://www.sba.gov/hawaii-wildfires. Alternatively, they can contact the SBAÔÇÖs Customer Service Center via phone at (800) 659-2955 or via email at [email protected].

For individuals with hearing impairments or speech disabilities, telecommunications relay services can be accessed by dialing 7-1-1. Completed applications should be sent to the following address: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline for property damage applications is October 10, 2023, while the deadline for economic injury applications is May 10, 2024.

How Can AI legalese decoder Assist?

With such a plethora of information and technical terms presented in disaster loan programs, navigating the application process can be overwhelming, particularly for those unfamiliar with legal jargon. This is where the AI legalese decoder can be invaluable in helping applicants comprehend and decode complex legal language. By using advanced language processing algorithms, the AI legalese decoder can simplify the content of legal documentation, making it more easily understandable for individuals seeking disaster assistance. Its capabilities can save time, reduce confusion, and ensure accurate comprehension of the process and requirements associated with the SBA Disaster Loan Program.

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