SAIPAN — The U.S. Small Business Administration has disaster loans available for homeowners, renters, businesses and nonprofits across the CNMI following Super Typhoon Sinlaku, with a June 22 deadline for physical damage applications and terms designed to ease the burden of repayment during recovery.
SBA Public Affairs Specialist Raenada Mason, who joined NMI News Service Tuesday morning alongside FEMA and JIC officials, said the program is built around a need basis rather than creditworthiness. “Our goal is to give a yes,” Mason said. “If you’re needing it, we’re going to work our best way to get that funding for you.”
Homeowners can borrow up to $500,000 for real estate repairs and personal property at an interest rate starting at 2.875%. Renters can borrow up to $100,000 for personal property and vehicles at the same rate. Businesses and nonprofits can borrow up to $2 million for physical damage or economic injury. Business loans start at 4% interest and nonprofit rates start at 3.625%.
All loans include a one-year payment deferral and terms up to 30 years. An additional 20% mitigation loan is available on top of verified physical losses to help protect against future disasters.
Mason said residents with little or no credit history should still apply. She added that once FEMA processes an application, some residents may be referred to SBA for additional assistance.
The physical damage deadline is June 22, 2026. The separate Economic Injury Disaster Loan deadline for businesses and nonprofits is January 25, 2027.
Apply at SBA.gov/disaster or call 1-800-659-2955. Phone hours are 8 a.m. to 8 p.m. Eastern time. Mason is also available via WhatsApp for general questions at 240-782-1540.
