SBA disaster assistance loans top $5M

The U.S. Small Business Administration has to date approved more than $5 million in federal disaster loans for Saipan businesses and residents impacted by Typhoon Soudelor, according to Jane Sawyer, director of the SBA Hawaii District office, yesterday.

According to her, SBA has approved $2,850,200 for businesses and $2,193,600 for residents to help rebuild and recover from this disaster.

“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” she said. 

Typhoon Soudelor devastated Saipan on Aug. 2-3, 2015.

Businesses and residents who sustained damage are encouraged to register prior to the Oct. 5, 2015, deadline with the Federal Emergency Management Agency by calling the tele-registration number at (800) 621 FEMA (3362) or (800) 462-7585 (TTY) for individuals who are deaf or hard of hearing. 

“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,” Sawyer added.

SBA continues to provide one-on-one assistance to disaster loan applicants at the Disaster Recovery Center, located at the Pedro P. Tenorio Multi-Purpose Center in Susupe, from Monday to Friday, 8am to 5pm, and on Saturday, from 8am to 12pm.

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.

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. EIDL assistance is available regardless of whether the business suffered any property damage.

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. 

Applicants may apply online using the Electronic Loan Application via SBA’s secure website at https://disasterloan.sba.gov/ela.

Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955 or emailing disastercustomerservice@sba.gov. Individuals who are deaf or hard of hearing may call (800) 877-8339.

The filing deadline to submit applications for property damage is Oct. 5, 2015. The deadline to submit economic injury applications is May 5, 2016. (SBA)