Small businesses hurt by drought, vog eligible for disaster loans

WASHINGTON, D.C. (KHNL) - U.S. Senator Daniel Inouye announced Wednesday that non-farm, small businesses in Hawaii effected by drought or by vog can now seek federal low-interest disaster loans from the Small Business Administration.

According to the SBA, businesses that qualify for the loans can receive as much as $2 million with a 4% interest rate for a maximum term of 30 years.

Senator Inouye says the loans are life preservers that can help small businesses survive the economic upheavals caused by the natural disasters.

Hawaii's five counties were recently designated as primary or neighboring disaster areas due to the drought.

The Big Island was also declared a disaster area because of the vog-induced conditions.