SACRAMENTO, Calif.\u2014Small businesses in the CNMI only have until July 26, 2019, to apply for a U.S. Small Business Administration federal disaster loan for economic injury caused by Super Typhoon Yutu that occurred Oct. 24-26, 2018.<\/p>\n
Tanya N. Garfield, director of the U.S. Small Business Administration\u2019s Disaster Field Operations Center-West, gave the reminder in a notice yesterday.<\/p>\n
According to Garfield, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2\u00a0million to help meet working capital needs caused by the disaster. <\/p>\n
\u201cEconomic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster\u2019s impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage,\u201d Garfield said.<\/p>\n
These low-interest federal disaster loans are available on Rota, Saipan, Tinian, and the Northern Islands.<\/p>\n
The interest rate is 3.675 percent for businesses and 2.5\u00a0percent for private nonprofit organizations with terms up to 30\u00a0years. Loan amounts and terms are set by SBA and are based on each applicant\u2019s financial condition.<\/p>\n
Applicants may apply online, receive additional disaster assistance information and download applications at\u00a0https:\/\/disasterloan.sba.gov\/ela. <\/p>\n
Applicants may also call SBA\u2019s Customer Service Center at (800)\u00a0659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hardofhearing may call (800)\u00a0877-8339. <\/p>\n
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort\u00a0Worth, TX\u00a0 76155. (PR)<\/p>\n","protected":false},"excerpt":{"rendered":"
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