Over $30 Million in SBA Relief Approved to Help the Commonwealth of the Northern Mariana Islands Rebuild After Super Typhoon Sinlaku

WASHINGTON - The U.S. Small Business Administration has approved more than $30 million in federal disaster loans to support the Commonwealth of the Northern Mariana Islands businesses, nonprofits, homeowners, and renters affected by Super Typhoon Sinlaku occurring April 11 - 18. To date, the SBA has provided $2,112,800 to businesses and $30,950,100 to residents in the wake of this disaster.

"Surpassing $30 million in disaster loans reflects more than just numbers - it represents small businesses reopening, families returning home and communities rebuilding more effectively," said Chris Stallings, Associate Administrator for the SBA's Office of Disaster Recovery and Resilience. "These loans provide vital support for recovery, and we encourage anyone still in need to apply."

Although the deadline for physical damage applications has passed, SBA's Economic Injury Disaster Loan program is available to small businesses, small agricultural cooperatives, and private nonprofit organizations - including faith-based organizations - with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster and are available even if the business or private nonprofit did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills which could not be paid due to the disaster.

The loan amount can be up to $2 million with interest rates as low as 4% for businesses and 3.625% for private nonprofits, with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant's financial condition.

To apply online, visit sba.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] 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.

Although the deadline to submit physical loan applications has passed, there is a 60-day grace period when the SBA will accept applications. The grace period ends on Aug. 21. Submit completed EIDL loan applications to the SBA no later than Jan. 25, 2027.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit https://www.sba.gov.