The U.S. Small Business Administration has distributed close to $135 million in disaster loans to those impacted by the Maui wildfires, according to Cynthia Cowell, a public information officer based in Honolulu and from the Big Island.
She said most of that money has gone to displaced homeowners and renters. They are eligible to borrow up to $100,000 to replace personal items, including vehicles. Homeowners can also borrow up to $500,000 to replace or repair damaged property.
"But it's not in addition to whatever other recovery funds you have, it's to help you with uncompensated losses. For example, a lot of people are waiting for these grants to come in... and we don't know how long it's going to take for those grants to make an appearance or to be paid out. So I recommend that everybody get their SBA application in as soon as possible," Cowell said.
She said it's OK if you apply for a loan but then decide you don't need it.
"You don't accrue any interest or make any payments for a year after you've taken your first disbursement. So while things are still up in the air, get your financing straightened out, know that you have it available, and then you can move on when things pick up," Cowell added.
Cowell stressed that the SBA is here to help.
"We're not going to know you need help unless you tell us and I know there's a reticence in the community to ask for help because we're strong people," she said. "I'm from Hawaiʻi. We want to take care of our families and ourselves in our communities without a lot of influence from anybody else. But right now is the time. This is not a normal situation. It's the time to ask for help, and there is help out there."
You can also visit any of the SBA business recovery centers on Maui, O‘ahu, Hawaiʻi Island or Kaua‘i, even if you’re not a business, to get help registering for assistance.
The deadline to apply for property damage loans is Oct. 10. Click here to learn more.
More financial and housing assistance is available on this Maui County website.
This interview aired on The Conversation on Oct. 3, 2023. The Conversation airs weekdays at 11 a.m. on HPR-1.
