Low-interest federal disaster loans are now available to businesses and residents as a result of
The declaration covers Rota, Saipan and Tinian as a result of Typhoon Mangkhut that occurred on
"SBA is strongly committed to providing Rota, Saipan and Tinian with the most effective and customer-focused response possible and with access to federal disaster loans to help businesses and residents affected by this disaster," said McMahon. "Getting our businesses and communities up and running after a disaster is our highest priority at SBA."
Businesses of all sizes and private nonprofit organizations may borrow up to
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 to businesses regardless of any property damage.
Disaster loans up to
Interest rates can be 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.
To be considered for all forms of disaster assistance, survivors must first contact the