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109 economic injury disaster loans OK’d in NMI
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.
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.
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.
“We will be swift in our efforts to help these small businesses recover from the financial impacts of the coronavirus,” she said.
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.
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.
