By Bryan Manabat
[email protected]
Variety News Staff
THE U.S. Small Business Administration has approved more than $3.87 million in federal disaster loans for CNMI survivors recovering from the devastation caused by Super Typhoon Sinlaku, but nearly all of the assistance so far has gone to homeowners and renters, according to SBA Public Affairs Specialist Raenada Mason.
Mason said the overwhelming majority of approved loans — 99% — were issued to households, reflecting the immediate physical damage and urgent repair needs caused by the storm. Less than 1% of the assistance has gone to businesses and nonprofits.
“As of Saturday, we’ve approved over $3.87 million. Ninety-nine percent of those approvals were for homeowners and renters,” Mason said, noting that roughly $3.8 million has gone to households, while less than $700,000 has been approved for businesses and nonprofits.
Despite the slow start in business participation, Mason said the SBA expects more applications from businesses as companies begin to feel the longer-term financial impact of Sinlaku. Many businesses did not suffer physical damage but were forced to close for days or weeks because of power outages, water shortages, and limited access to their buildings.
To support those needs, the SBA is opening a dedicated Business Recovery Center at the Saipan Chamber of Commerce, providing a second location where business owners and nonprofits can receive one-on-one assistance. The center opens Tuesday at 9 a.m. and will operate Monday through Friday from 9 a.m. to 5 p.m.
“We’re being hosted by the Saipan Chamber of Commerce [at Marianas Business Plaza], and we greatly appreciate their partnership,” Mason said. “The goal is to cater to businesses and nonprofits across Saipan…we wanted to make sure there’s an opportunity for them to come in and seek assistance.”
The new center is intended to complement the existing Survivor Recovery Center in Susupe, which remains open daily from 8 a.m. to 5 p.m. Mason said the Chamber site will help business owners avoid long lines and receive specialized support for economic injury and physical damage applications.
“We just wanted to have somewhere they can come and seek assistance without having to necessarily wait in the longer lines at the Survivor Recovery Center,” she said.
Mason emphasized that many businesses may qualify for Economic Injury Disaster Loans, or EIDL, even without physical damage, especially those that lost revenue because of closures or utility disruptions after Sinlaku. She said the SBA is working to spread that message to the business community, which she described as “the heartbeat of the community.”
The deadline to apply for physical damage loans is June 22, while the deadline for economic injury loans is Jan. 25, 2027. Mason said the extended EIDL timeline reflects the reality that businesses often feel the financial effects of a disaster months later.
“Most businesses won’t see the impact immediately…it can often take anywhere from six to nine months for a business to really feel that impact,” she said.
Mason encouraged businesses and nonprofits to apply early, noting that SBA loans offer terms of up to 30 years, a one-year payment deferral, and no interest accrual during the first year. Unsecured loans are available up to $50,000, and borrowers may request increases for up to two years after signing their loan agreement.
“Why not apply? Why not see what funding can be available to you as a business or a nonprofit?” she said.
Bryan Manabat was a liberal arts student of Northern Marianas College where he also studied criminal justice. He is the recipient of the NMI Humanities Award as an Outstanding Teacher (Non-Classroom) in 2013, and has worked for the CNMI Motheread/Fatheread Literacy Program as lead facilitator.
