SBA opens Business Recovery Center on Saipan

The U.S Small Business Administration announced yesterday the opening of an SBA Business Recovery Center on Saipan to provide a wide range of services to businesses impacted by Super Typhoon Yutu that occurred Oct. 24–26.

“Due to the severe property damage and economic losses Super Typhoon Yutu inflicted on Saipan businesses, we want to provide every available service to help get them back on their feet,” said SBA director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West. “The center will provide a one-stop location for businesses to access a variety of specialized help. SBA customer service representatives will be available to meet individually with each business owner.”

No appointment is necessary. All services are provided free of charge.

The center will be located at the Saipan Chamber of Commerce office, Marianas Business Plaza. It will open at 8am today, and will be open Mondays to Saturdays, 8am to 4pm.

“SBA customer service representatives will meet with each business owner to explain how an SBA disaster loan can help finance their recovery. They will answer questions about SBA’s disaster loan program, explain the application process and help each business owner complete their electronic loan application,” Garfield said.

According to Garfield, businesses of any size and private, nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. These loans cover losses that are not fully covered by insurance or other recoveries.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any property damage.

For business owners who are unable to visit the business recovery center, they may apply online using SBA’s secure website at https://disasterloan.sba.gov/ela.

SBA representatives also continue to meet with business owners and residents at disaster recovery centers located throughout the impacted area. For a list of locations, or to receive additional disaster assistance information, visit SBA’s website at www.sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information.  Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

The deadline to apply for property damage is Dec. 26, 2018. The deadline to apply for economic injury is July 26, 2019. (PR)

Press Release
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