The U.S. Small Business Administration has disbursed nationwide over three million economic injury disaster loans advances totaling $9.8 billion. In the Northern Marianas, 109 loans have been approved, as of May 8, with the amount totaling $534,000.<\/p>\n
The low-interest federal disaster loan is being offered by the SBA as working capital for small businesses in the CNMI suffering substantial economic injuries due to the COVID-19 pandemic. <\/p>\n
In an earlier statement, SBA administrator Jovita Carranza assured the Commonwealth of its commitment to providing the most effective and customer-focused response possible, by assisting small businesses on the islands through federal disaster loans. <\/p>\n
\u201cWe will be swift in our efforts to help these small businesses recover from the financial impacts of the coronavirus,\u201d she said.<\/p>\n
Small businesses, private non-profit organizations, small agricultural cooperatives, and small aquaculture enterprises impacted by COVID-19 since Jan. 31, 2020, may qualify to avail of up to $2 million economic injury disaster loan, to help with their operating expenses.<\/p>\n
Applicants may apply online, or download applications at https:\/\/disasterloan.sba.gov\/ela. The deadline to apply for the loan is on Dec. 21, 2020. <\/p>\n","protected":false},"excerpt":{"rendered":"
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