SBA physical disaster loan deadline Aug. 21; 774 applications approved so far

Northern Mariana Islands residents and businesses affected by Super Typhoon Sinlaku have until Friday, Aug. 21, to apply for U.S. Small Business Administration physical disaster loans, with SBA reporting more than $66 million in loan approvals so far.

Of the 1,704 applications received to date, 774—or about 45.4%—have been approved and received some type of loan offer, according to SBA public affairs specialist Raenada Mason. Another 147 applications remain under processing, while 420 are in withdrawn status as SBA waits for applicants to submit additional documents or information.

Mason said SBA has approved more than $66 million, and close to $67 million, in Sinlaku disaster loans across the CNMI. Of that, she said about $58 million in loans have been approved for Saipan, $6.2 million for Tinian, and $901,000 for Rota.

“August 21st is the deadline to apply for physical damage for Sinlaku. We're within our 60-day grace period,” Mason told Marianas Press. “That is the deadline that falls within that 60-day grace period that SBA extended.”

Among businesses, Mason said SBA has seen more applications for physical disaster assistance than for economic injury assistance.

SBA has approved approximately $4.9 million in physical disaster loans for businesses and $414,000 in Economic Injury Disaster Loans, or EIDLs, although Mason said applications are still being processed.

Physical disaster loans can cover damage to business real estate, machinery, equipment, inventory, and other property. EIDLs, meanwhile, are available to businesses and private nonprofits suffering economic losses, including those forced to close or reduce operating hours because of power outages following the typhoon.

While Friday's deadline applies to physical disaster loans for Sinlaku, Mason said the deadline for economic injury applications is in January.

SBA and the CNMI Small Business Development Center will also hold “Real Talk with SBA” at 1pm Friday, Aug. 21, via Zoom, giving borrowers and prospective applicants an opportunity to get answers directly from SBA representatives.

The session will cover the SBA Economic Injury Disaster Loan and Physical Disaster Loan programs and feature an interactive question-and-answer session. SBA public affairs specialists Mason and Corey Williams are listed as speakers.

“This is going to be an open forum. Bring your questions as a business or a private nonprofit,” Mason said. “We want to be able to address whatever issues and concerns may have come up while you're going through your application process and your approval.”

Mason said applicants can ask about approved or declined loans, overcoming reasons for a decline, how approved funds may be used, and the difference between secured and unsecured loans.

Those interested in Real Talk with SBA may contact the CNMI SBDC at (670) 237-9206/6888 or CNMISBDC@marianas.edu. Registration information is also available through the CNMI SBDC website.

Meanwhile, Mason said the Survivor Recovery Center on Saipan will be closed Friday and Saturday in observance of Liberation Day festivities.

SBA disaster loans also remain available to those affected by Super Typhoon Bavi. Mason said homeowners, renters, businesses, and private nonprofits on Rota can seek SBA assistance following the presidential disaster declaration, while SBA's own declaration makes disaster loans available on Saipan and Tinian to those physically or economically affected by Bavi.