SBA tops $50 million in disaster assistance loans for Typhoon Mawar
By Pacific Island Times News Staff
The U.S. Small Business Administration has approved more than $50 million in federal disaster loans for Guam businesses and residents impacted by Typhoon Mawar, which slammed into the island on May 24.
Tanya N. Garfield, director of SBA Disaster Field Operations Center-West, said the agency approved $2.9 million for businesses and $50.5 million for residents to help rebuild and recover from this disaster.
“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” said Garfield. “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."
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, according to a survey conducted last month by the Guam Chamber of Commerce.
Businesses and residents in Guam who sustained damages are encouraged to register prior to the July 27 deadline with the Federal Emergency Management Agency at www.disasterassistance.gov.
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SBA said it continues to provide one-on-one assistance to disaster loan applicants at all the federal-state Disaster Recovery Centers, SBA’s Business Recovery Center 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.
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 also offers additional loans to help businesses 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, 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 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 email@example.com 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.