SBA loans for Mangkhut survivors

Oct 9, 2018
SBA loans for Mangkhut survivors

The U.S. Small Business Administration (SBA) continues to help CNMI residents recover from Typhoon Mangkhut by offering different loans to businesses and individuals following the Presidential Disaster Declaration.

  • SBA provides low-interest, long-term disaster loans to businesses of all sizes, private, non-profit organizations, homeowners and renters to repair or replace uninsured/underinsured disaster damaged property.
  • Economic Injury Disaster loans for businesses that may or may not have sustained any damage but have experienced a downturn in business because of the disaster are also available.
  • Residents and businesses should first file their insurance claims and register with FEMA, then apply to SBA for assistance.  There is no need to wait to settle with insurance or FEMA before applying. SBA may be able to get your money to you sooner than your insurance, and SBA will work with FEMA and your insurance to make certain that no double-payments occur.

 

This declaration is for damages received during Typhoon Mangkhut that occurred Sept. 10-11, 2018.  

The filing deadline for businesses and residents to return applications for property damage is Nov. 28, 2018.

The deadline for businesses to return economic injury applications is July 1, 2019.

 

For specifics on the types of disaster loans offered, credit requirements for loan applicants, interest rates for loans and what restrictions apply to each loan, click here for the breakdown.