SBA opens business recovery center on Saipan to help small businesses impacted by Super Typhoon Sinlaku - Marianas Variety News & Views

The U.S. Small Business Administration opened a Business Recovery Center on Saipan to assist businesses, nonprofits, and residents affected by Super Typhoon Sinlaku, which struck April 11–18. Starting Tuesday, May 26, SBA staff will be on site at the Saipan center to answer questions and help with disaster-loan applications. The center, located at Marianas Business Plaza, Second Floor, Suite 201-A, Nauru Loop, Susupe, operates weekdays 9 a.m. to 5 p.m. Businesses and nonprofits can apply for up to $2 million in physical-disaster loans, while the EIDL program offers working-capital loans for eligible entities. Homeowners and renters may borrow up to $100,000 for personal property or up to $500,000 for primary residences, with rates as low as 4% for small businesses, 3.625% for nonprofits, and 2.875% for homeowners/renters, with terms up to 30 years and no interest accruing for 12 months from first disbursement.