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‘114 small businesses in NMI are approved for $938K in economic injury loan advance’
As of Jan. 19, 2022, about 114 Targeted Economic Injury Disaster Loan Advance grant applications from small businesses in the Marianas worth $938,000 have been approved, according to Delegate Gregorio Kilili C. Sablan (MP-Ind).
In his e-kilili newsletter over the weekend, Sablan disclosed that on Monday last week, the U.S. Small Businesses announced that small businesses that were declined for the Targeted EIDL Advance and Supplemental Targeted Advance program will be reevaluated for funding.
Sablan
The Biden administration created the Targeted EIDL Advance program—which provides up to $15,000 in financial support that does not need to be repaid—to assist small businesses during the COVID-19 pandemic.
The small businesses are from the hard-hit sectors such as restaurants, gyms, and hotels.
Sablan said those interested in being considered for reevaluation must wait until they receive an email from the SBA to apply, and have until Feb. 15, 2022, to submit their reevaluation requests.
The delegate said they must also meet the following eligibility criteria:
*Located in a low-income community (all of Saipan, Tinian, and Rota are eligible).
* Demonstrates more than 30% reduction in revenue.
*Have 300 or fewer employees.
For SBA’s Disaster Assistance COVID-19 EIDL, 286 in the Marianas were approved for a total of $26,464,300. SBA said this federal small business loan program supports small businesses’ recovery from the COVID-19 disaster’s economic impacts by providing accessible and borrower-friendly capital.
For SBA’s Supplemental Targeted Advance, 77 in the Marianas were approved for a total of $385,000.
SBA said Supplemental Targeted Advance provides a supplemental payment of $5,000 that does not have to be repaid.
Supplemental Targeted Advances are available to sole proprietors, independent contractors, private nonprofit organizations, and others that usually qualify for the EIDL program and meet the criteria.
