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SBA Disaster Loan applications to end May 5
Qualified businesses that are still in need of assistance from the U.S. Small Business Administration for economic injury caused by Typhoon Soudelor have less than a month to apply.
According to SBA Hawaii District Office director Jane Sawyer, small businesses on Saipan have until May 5 to apply for an SBA federal disaster loan for economic injury caused by the typhoon that occurred Aug. 1 to 3 last year.
“Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid because of the disaster’s impact. EIDL assistance is available regardless of whether the applicant suffered any property damage,” Sawyer said.
Sawyer said that small non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans (EIDLs) of up to $2 million to help meet working capital needs caused by the disaster.
The interest rate is 4 percent for businesses and 2.625 percent for private non-profit organizations with terms up to 30 years.
Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Applicants may apply online using the Electronic Loan Application (ELA) 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 hardofhearing may call (800) 877-8339.
For more disaster assistance information or to download applications, visit https://www.sba.gov/disaster.
