SAIPAN — Homeowners and renters on Saipan and Tinian are set to become eligible for federal disaster loans covering Super Typhoon Bavi damage, U.S. Small Business Administration public affairs specialists Raenada Mason and Corey Williams announced Friday on Good Morning Marianas.
Saipan and Tinian were not included in the presidential disaster declaration for Bavi, which covered Rota. Williams said the SBA has received the CNMI’s request for an administrative declaration, with final approval anticipated between Saturday and early next week.
Once signed, homeowners on Saipan and Tinian can borrow up to $500,000 for Bavi damage, with an unsecured portion of up to $14,000, compared with $50,000 under Sinlaku’s presidential declaration, Williams said. Renters remain eligible for up to $100,000 for personal property, including furniture, appliances and vehicles. Interest rates are 2.875 percent for homeowners, 4 percent for businesses and 3.625 percent for nonprofits, with no payments and no interest accrual for the first year.
Businesses and nonprofits on Saipan, Tinian and Rota can also seek physical damage and economic injury disaster loans of up to $2 million combined, Mason said. Williams urged organizations to consider losses that are not visible. “We can see a roof blown off. We can see windows blown out,” he said. “But the one thing that most businesses and nonprofits don’t see is the economic injury aspect,” pointing to canceled events and lost anticipated revenue such as Liberation Day’s postponement from July to August.
The application deadline for Bavi physical damage is Oct. 3. The deadline for Sinlaku physical damage applications is one week away, on Friday, Aug. 21. “If you’ve still been thinking, what are you waiting for? Please go ahead and apply,” Mason said.
Williams said the SBA’s disaster loan program has lowered its minimum credit score threshold to 575, and applicants who are declined have up to six months to seek reconsideration. “A no is never a final no,” he said.
The Survivor Recovery Center on Saipan is open Tuesday through Saturday from 8 a.m. to 5 p.m. Business Recovery Centers operate Monday through Friday at the Saipan Chamber of Commerce from 8 a.m. to 5 p.m. and at the One Stop Business Permitting Center on Capitol Hill from 8 a.m. to 4 p.m.
Mason announced the Rota Survivor Recovery Center, closed before Bavi, will reopen Monday at the Rota Youth Center. She travels to Rota Monday for the opening; hours will be announced.
Residents can apply at sba.gov/disaster or call 1-800-659-2955.
