Deadline nears for NMI nonprofits to apply for SBA fed disaster loan
SACRAMENTO, Calif.—Private nonprofit organizations in the Commonwealth of the Northern Mariana Islands are being reminded of the Sept. 8 deadline to apply for an SBA federal disaster loan for property damage caused by Typhoon Mawar that occurred May 22 — 29. Private nonprofits that provide essential services of a governmental nature are eligible for assistance.
According to director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West, eligible private nonprofits of any size may apply for SBA federal disaster loans of up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
In addition, SBA offers Economic Injury Disaster Loans to help eligible private nonprofits meet working capital needs caused by the disaster. Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage. Private nonprofits have until April 14, 2024, to apply for an SBA Economic Injury Disaster Loan.
These low-interest federal disaster loans are available on Rota, Saipan and Tinian.
The interest rate is 2.375% with terms up to 30 years. Loan amounts and terms are set by SBA and based on each applicant’s financial condition.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. (PR)
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