SAIPAN – As of Feb. 8, the U.S. Small Business Administration had approved 1,309 disaster loans for businesses, homeowners, renters and individuals, according to Cynthia Cowell, SBA spokeswoman.
She said some borrowers whose applications were approved decided to cancel the loans "as a result of insurance recoveries or other disaster recoveries."
So "our current total loans are 1,197."
Of this number, she said, "we have either partially or fully disbursed 732 loans for a total of $11,995,000."
Cowell said "additional disbursements will take place as borrowers return signed loan documents or need additional disbursement to further their repairs and replacement of personal property."
The total amount approved for SBA disaster loans for Supertyphoon Yutu has now reached $82.27 million, she added.
SBA helps businesses of all sizes, private nonprofit organizations, homeowners and renters fund repairs or rebuilding efforts, and cover the cost of replacing lost or disaster-damaged personal property. These disaster loans cover losses not fully compensated by insurance or other recoveries and do not duplicate benefits of other agencies' or organizations' damaged private property.
The agency offers economic injury disaster loans for businesses that may or may not have sustained any damage, but have experienced a downturn in business because of the disaster.