The U.S. Small Business Administration will close its Business Recovery Center at the Marianas Business Plaza in Susupe at 5pm this Wednesday, Jan. 16.
SBA opened the center to provide personalized assistance to Rota businesses affected by Super Typhoon Yutu that occurred Oct. 24-26, 2018, and Typhoon Mangkhut that occurred Sept. 10-11, 2018.
The center is located at the third floor of the former Nauru building. It is usually open from 8am to 5pm. Until the center closes, SBA representatives will continue to meet with business owners to answer questions about SBA’s disaster loan program, explain the application process, help each individual complete their electronic loan application and close their approved loans. No appointment is necessary.
SBA customer service representatives will continue to be available at the Pedro P. Tenorio Multi-Purpose Center on Saipan and at the Department of Commerce on Tinian to meet with businesses and residents, help each them apply for a disaster loan and close their approved loans.
The Saipan center is open Mondays to Fridays, from 9am to 6pm, and on Saturdays, 10am to 4pm; while the Tinian center is open Mondays to Fridays, from 9am to 6pm. No appointment is necessary.
So far, SBA has approved over $69.6 million in low interest disaster loans to help businesses and homeowners throughout the Commonwealth of the Northern Mariana Islands— $67.9 million for Super Typhoon Yutu and $1.75 million for Typhoon Mangkhut disasters.
Businesses of all sizes 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. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
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 assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rate is as low as 3.675 percent for businesses, 2.5 percent for private nonprofit organizations and 2 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance. 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 for Typhoon Mangkhut is Jan. 27, 2019. The deadline to apply for economic injury is July 1, 2019.
The deadline to apply for property damage for Super Typhoon Yutu is Jan. 27, 2019. The deadline to apply for economic injury is July 26, 2019. (SBA)