SAIPAN – The U.S. Small Business Administration will open a Business Recovery Center at the Marianas Business Plaza in Susupe on Tuesday to help businesses, nonprofits, and residents apply for low-interest disaster loans tied to Super Typhoon Sinlaku.
The center is located at Suite 201-A on the second floor of the Marianas Business Plaza on Nauru Loop. It opens at 9 a.m. on Tuesday, May 26, and will operate Monday through Friday from 9 a.m. to 5 p.m. Walk-ins are welcome, and appointments can be scheduled in advance online.
Customer service representatives will be on hand to answer questions and walk applicants through the disaster loan process.
“SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the SBA’s Office of Disaster Recovery and Resilience, in the announcement. “Business owners can visit these centers to meet face-to-face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.”
Businesses and nonprofits may borrow up to $2 million in physical disaster loans to repair or replace damaged real estate, machinery, equipment, inventory, and other business assets. The Economic Injury Disaster Loan program is also available to small businesses, small agricultural cooperatives, and private nonprofits, including faith-based organizations, with financial losses tied to the storm. EIDL funds can cover working capital needs such as payroll, fixed debts, and accounts payable, and are available even if the business sustained no physical damage. The SBA does not provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
Homeowners may borrow up to $500,000 to repair or replace a primary residence. Homeowners and renters may also borrow up to $100,000 for personal property, including clothing, furniture, vehicles, and appliances.
Interest rates are as low as 4 percent for small businesses, 3.625 percent for nonprofits, and 2.875 percent for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets eligibility, loan amounts, and terms based on each applicant’s financial condition.
The deadline to file applications for physical property damage is June 22. The deadline for economic injury applications is Jan. 25, 2027