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  • SBA to Open Business Recovery Center in Saipan to Help Businesses Impacted by Super Typhoon Yutu

    SBA NEWS RELEASE: SBA to Open Business Recovery Center in Saipan to Help Businesses Impacted by Super Typhoon Yutu




    (November 4, 2018) - - Today, the Federal Emergency Management Agency (FEMA) published the following information:

    Sacramento, Calif. - - The U.S Small Business Administration today announced the opening of an SBA Business Recovery Center in Saipan to provide a wide range of services to businesses impacted by Super Typhoon Yutu that occurred Oct. 24–26, 2018. The center will open as indicated below.

    “Due to the severe property damage and economic losses Super Typhoon Yutu inflicted on Saipan businesses, we want to provide every available service to help get them back on their feet,” said SBA’s Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West. “The center will provide a one-stop location for businesses to access a variety of specialized help. SBA customer service representatives will be available to meet individually with each business owner,” she added. No appointment is necessary. All services are provided free of charge.



    SAIPAN

    Business Recovery Center

    Saipan Chamber of Commerce

    Marianas Business Plaza

    Nauru Loop

    Susupe, Saipan 96950

    Opens 8 a.m. Monday, Nov. 5

    Mondays - Saturdays, 8 a.m. - 4 p.m.




    “SBA customer service representatives will meet with each business owner to explain how an SBA disaster loan can help finance their recovery. They will answer questions about SBA’s disaster loan program, explain the application process and help each business owner complete their electronic loan application,” Garfield said.

    According to Garfield, businesses of any size 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. These loans cover losses that are not fully covered by insurance or other recoveries.

    For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any property damage.

    For business owners who are unable to visit the business recovery center, they may apply online using SBA’s secure website at https://disasterloan.sba.gov/ela .

    SBA representatives also continue to meet with business owners and residents at disaster recovery centers located throughout the impacted area. For a list of locations, or to receive additional disaster assistance information, visit SBA’s website at www.sba.gov/disaster . Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@s ba.gov for more information. Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

    The deadline to apply for property damage is Dec. 26, 2018. The deadline to apply for economic injury is July 26, 2019.





    Credit: Federal Emergency Management Agency
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  • U.S. Small Business Administration Economic Injury Disaster Loans Available in North Carolina Following Secretary of Agriculture Drought Disaster Declaration for April Freeze

    U.S. Small Business Administration Economic Injury Disaster Loans Available in North Carolina Following Secretary of Agriculture Drought Disaster Declaration for April Freeze




    July 24, 2018


    Atlanta, GA - - (July 23, 2018) - - The U.S. Small Business Administration (SBA) announced today that Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in Cherokee and Clay counties in
    North Carolina as a result of the freeze on April 17, 2018.

    “These counties are eligible because they are contiguous to one or more primary counties in Georgia. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” said Kem Fleming, director of SBA’s Field Operations Center East.

    Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible
    farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers.

    The loan amount can be up to $2 million with interest rates of 2.5 percent for private nonprofit organizations of all sizes and 3.58 percent for small businesses, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.

    Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at Disasterloan.sba.gov.

    Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@s ba.gov (link sends e-mail). Loan applications can be downloaded from Disasterloan.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

    Submit completed loan applications to SBA no later than March 4, 2019.
    Internet Address:
    http://www.sba.gov


    Courtesy: U.S. Small Business Administration

    Note: The SBA says similar loans are available for similar entities in certain counties in Georgia and Tennessee

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