Businesses of all sizes, most private nonprofit organizations, homeowners and renters in Guam who had damages or losses from Typhoon Mawar may be referred for a disaster loan from the U.S. Small Business Administration.
FEMA may refer survivors to the U.S. Small Business Administration (SBA) with information on how to apply for a disaster loan. Businesses of all sizes, most private nonprofit organizations, homeowners and renters may be eligible. It’s important to submit the loan application as soon as possible. There is no cost to apply for an SBA disaster loan.
If your application is approved, you are not obligated to accept an SBA loan, but failure to return the application may disqualify you from other possible financial assistance from FEMA and the U.S. Territory of Guam.
SBA disaster loans are the largest source of federal disaster recovery funds for survivors. SBA offers long-term, low-interest disaster loans to businesses of all sizes, private nonprofit organizations, homeowners and renters.
SBA disaster loans cover losses not fully compensated by insurance or other resources. Survivors should not wait for an insurance settlement before submitting an SBA loan application. They may discover they were underinsured for the deductible, labor and materials required to repair or replace their home.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Applicants may apply online, receive additional disaster assistance information and download applications at www.disasterloanassistance.sba.gov. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov 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.
If you haven’t applied for federal disaster assistance yet, you may do so at disasterassistance.gov, by using the FEMA mobile app, by calling 800-621-3362 (The Helpline is available 24 hours a day/ 7 days a week at no cost for Guam residents) or by stopping by a Disaster Recovery Center located at Guam Community College, Dededo Sports Complex, C.L. Taitano Elementary School and Inarahan Community Center (open seven days a week 7 a.m. to 7 p.m.).
For an accessible video on how to apply for assistance, check here.
For information on Guam’s disaster recovery, visit our website.