SBA outreach center on Rota to close

The U.S. Small Business Administration’s Disaster Field Operations Center-West will close its Rota Disaster Loan Outreach Center on Thursday, Dec. 6, at 4:30pm.

“Until the center closes, SBA customer service representatives will continue to be available to meet with businesses and residents to answer their questions, explain SBA’s disaster loan program and close their approved disaster loans,” said director Tanya N. Garfield.

SBA opened the center to provide personalized assistance to Rota businesses and residents who were affected by the Typhoon Mangkhut that occurred Sept. 10-11, 2018 and Super Typhoon Yutu that occurred Oct. 24-26, 2018.

Until Thursday, businesses and residents can meet with SBA Disaster Loan Outreach Center representatives at the Rota Mayor’s Office, Mondays – Fridays, 7:30am – 4:30pm. No appointment is necessary. The center will close at 4:30pm this Thursday, Dec. 6.

So far, SBA has approved more than $1.3 million in low-interest disaster loans to businesses and homeowners throughout the CNMI as a result of Typhoon Mangkhut; and more than $11.3 million as a result of damage caused by Super Typhoon Yutu.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million.

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.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

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.

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 disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hardofhearing 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 is Jan. 27, 2019, for both Typhoon Mangkhut and Super Typhoon Yutu. The deadline to apply for economic injury applications is July 1, 2019, for Typhoon Mangkhut and July 27 for Super Typhoon Yutu. (PR)