SBA Tops $50 Million in Disaster Assistance Loans

SACRAMENTO, California, Dec. 28 -- The Small Business Administration's Office of Disaster Assistance issued the following news release:

Director Tanya N. Garfield of the U.S. Small Business Administration's Disaster Field Operations Center-West announced today that SBA has approved more than $54.3 million in federal disaster loans for Commonwealth of Northern Mariana Islands businesses and residents impacted by Typhoon Mangkhut that occurred Sept. 10-11, 2018 and Super Typhoon Yutu that occurred Oct. 24-26, 2018.

According to Garfield, SBA has approved $187,300 for businesses and $1,571,300 for residents for Typhoon Mangkhut; and $6,592,900 for businesses and $45,995,100 for residents for Super Typhoon Yutu to help rebuild and recover from these disasters.

"SBA's disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible," said Garfield. Businesses and residents who sustained damages are encouraged to register prior to the deadline with the Federal Emergency Management Agency at www.disasterassistance.gov. "Don't miss out on any assistance you may be entitled to by not registering for help. You don't need to wait for your insurance to settle or obtain a contractor's estimate," she added.

SBA continues to provide one-on-one assistance to disaster loan applicants at the following locations on the days and times indicated. No appointment is necessary.

SAIPAN

Business Recovery Center

Saipan Chamber of Commerce

Marianas Business Plaza (Nauru Loop)

Third Floor, Suite 315

Susupe, Saipan MP 96950

Mondays - Fridays, 8 a.m. - 5 p.m.

Saturdays, 10 a.m. - 4 p.m.

SAIPAN

Disaster Recovery Center

Multi-Purpose Center

Beach Road

Susupe, Saipan MP 96950

Mondays - Fridays, 9 a.m. - 6 p.m.

Saturdays, 10 a.m. - 4 p.m.

TINIAN

Disaster Loan Outreach Center

Department of Commerce

San Jose, Tinian MP 96952

Mondays - Fridays, 9 a.m. - 6 p.m.

For small businesses and most private nonprofit organizations of all sizes, 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. These economic injury disaster loans are available in Rota, Saipan and Tinian for Typhoon Mangkhut and the Northern Islands, Rota, Saipan and Tinian for Super Typhoon Yutu.

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. The SBA can also lend additional funds to help business and residents with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

Disaster loans up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. These low-interest federal disaster loans are available in Rota, Saipan and Tinian.

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 [email protected] 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.