By Pacific Island Times News Staff
The U.S. Small Business Administration has approved more than $13 million in federal disaster loans for Guam businesses and residents impacted by typhoon Mawar last month.
“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” said Tanya N. Garfield, director of
SBA’s Disaster Field Operations Center-West.
Garfield said the SBA has approved $694,900 for businesses and $12.7 million for residents to help rebuild and recover from this disaster.
According to a survey conducted by the Guam Chamber of Commerce,
Guam businesses incurred damage costs ranging from $10,000 to $2 million caused by typhoon Mawar, with subsequent losses as a result of protracted power, water and internet outages.
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The SBA advised Guam businesses and residents who sustained damage to register prior to the July 27 deadline with the Federal Emergency Management Agency at www.disasterassistance.gov.
“Don’t miss out on any assistance you may be entitled to by not registering for help. You don’t need to wait for your insurance to settle or obtain a contractor’s estimate,” Garfield said.
The SBA provides one-on-one assistance to disaster loan applicants at all the federal-territorial Disaster Recovery Centers, SBA Business Recovery Centers and SBA Disaster Loan Outreach Centers throughout the affected areas to explain SBA’s disaster loan program and help business owners and residents close their approved disaster loans.
Under the SBA's disaster loan program, businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
The SBA can also lend additional funds to help business and residents with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses and most private nonprofit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.
Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline to apply for economic injury is Feb. 28, 2024.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest rates can be as low as 4 percent for businesses, 2.375 percent for private nonprofit organizations and 2.5 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
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