SBA approves over $10 million in disaster loans to local survivors
Pago Pago, AMERICAN SAMOA — As of Tuesday this week, the US Small Business Administration (SBA) has approved more than $10 million in disaster loans for American Samoa businesses and residents impacted by Tropical Storm Gita in February this year.
This is according to SBA Disaster Field Operations Center-West director, Tanya N. Garfield, who explained that SBA has approved over $1.77 million for businesses and more than $8.28 million for residents to help rebuild and recover from this disaster.
Two senior ASG officials told Samoa News on Wednesday that SBA as well as US Federal Emergency Management Agency (FEMA) disaster assistance is not only helping local residents and businesses rebuild following Gita, but also provides “a major boost to the local economy, which needed a new cash infusion.”
SBA ECONOMIC INJURY DISASTER LOAN DEADLINE DEC. 3, 2018
Meanwhile, Garfield said that small businesses and most private nonprofit organizations of any size may continue to apply for an Economic Injury Disaster Loan to help meet working capital needs caused by the disaster.
“Economic injury assistance is available regardless of whether the business or nonprofit organization suffered any property damage,” she said, noting that an Economic Injury Disaster Loan of up to $2 million can help meet financial obligations and operating expenses, which could have been met had the disaster not occurred.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Deadline to submit an Economic Injury Disaster Loan application is Dec. 3. 2018.
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.