Deadline to apply for SBA disaster loans is less than a month away
Pago Pago, AMERICAN SAMOA — Last week Friday, SBA’s Disaster Field Operations Center-West director, Tanya N. Garfield, reminded American Samoa small businesses that Dec. 3, 2018, is the deadline to apply for an SBA federal disaster loan for economic injury caused by Gita.
In a statement, Garfield explained that small non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster.
“Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Garfield said.
As of last Friday, the SBA has approved 51 loans for more than $1.95 million for businesses and 635 loans for homeowners and renters for more than $9.22 million.
SBA says that these low-interest federal disaster loans are available in American Samoa. The interest rate is 3.58% for businesses and 2.5% for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance.