MV Variety reports that the U.S. Small Business Administration has opened a Business Recovery Center on Saipan to assist businesses, private nonprofit organizations and residents impacted by Super Typhoon Sinlaku, which occurred April 11-18. Beginning May 26, SBA representatives are available at the center to answer questions and assist with disaster loan applications.
The Business Recovery Center is located at the Marianas Business Plaza in Susupe and offers in-person assistance for businesses and residents seeking information about SBA disaster recovery programs. SBA officials said the centers provide face-to-face support to help applicants navigate the recovery and loan application process.
Businesses and nonprofits may apply for business physical disaster loans of up to $2 million to repair or replace damaged property, equipment, inventory and other business assets. The SBA’s Economic Injury Disaster Loan program is also available for eligible businesses and nonprofits experiencing financial losses related to the disaster, even if they did not sustain physical damage.
Homeowners and renters may also apply for disaster loans to repair or replace personal property and primary residences. SBA officials said interest rates and loan terms vary based on applicants’ financial conditions and eligibility requirements.