SAIPAN — The U.S. Small Business Administration will open a second Business Recovery Center on Saipan on Tuesday, June 2, to help businesses, private nonprofit organizations and residents affected by Super Typhoon Sinlaku.
The new center will be at the One-Stop Business Permitting Center at the Department of Commerce, Government Building 1252, Capitol Hill. It opens June 2 at 8:30 a.m. and will operate Monday through Friday, 8:30 a.m. to 4 p.m. SBA customer service representatives will be on hand to answer questions and assist with the disaster loan application process. Walk-ins are welcome, and in-person appointments can be scheduled in advance at appointment.sba.gov.
The SBA’s existing Business Recovery Center remains open at the Marianas Business Plaza, Second Floor, Suite 201-A, on Nauru Loop in Susupe, operating Monday through Friday, 9 a.m. to 5 p.m.
“SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster,” said Chris Stallings, Associate Administrator of the Office of Disaster Recovery and Resilience at the SBA. He said owners can meet face to face with specialists who guide them through the loan application process and connect them with recovery resources.
Businesses and nonprofits are eligible to apply for business physical disaster loans of up to $2 million to repair or replace disaster-damaged real estate, machinery, equipment, inventory and other business assets. The SBA’s Economic Injury Disaster Loan program is available to small businesses, small agricultural cooperatives and private nonprofits, including faith-based organizations, with financial losses directly related to the disaster. The loans cover working capital needs and are available even if a business or nonprofit suffered no physical damage. The SBA cannot provide disaster loans to agricultural producers, farmers or ranchers, except for small aquaculture enterprises.
Homeowners and renters may borrow up to $100,000 to replace or repair personal property such as clothing, furniture, cars and appliances, and homeowners may apply for up to $500,000 to replace or repair their primary residence.
Interest rates are as low as 4% for small businesses, 3.625% for nonprofits and 2.875% for homeowners and renters, with terms of 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 determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.
The deadline to return applications for physical property damage is June 22. The deadline to return economic injury applications is Jan. 25, 2027.
To apply online, visit sba.gov/disaster. Applicants may also call the SBA Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov. People who are deaf, hard of hearing or have a speech disability may dial 7-1-1 to access telecommunications relay services.