The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Oklahoma of the approaching deadline to apply for federal disaster loans. These loans are intended to offset economic losses resulting from severe weather events, including storms, straight-line winds, tornadoes, and flooding that occurred between May 19-28, 2024.
The disaster declaration encompasses several counties across Oklahoma: Adair, Beckham, Blaine, Caddo, Canadian, Cherokee, Comanche, Craig, Custer, Delaware, Dewey, Grady, Greer, Harmon, Haskell, Jackson, Kingfisher, Kiowa, Major, Mayes, McIntosh, Muskogee, Nowata, Okmulgee, Ottawa. Roger Mills. Rogers. Sequoyah. Tillman. Tulsa. Wagoner. Washington and Washita. It also includes Benton County in Arkansas; McDonald County in Missouri; and Hardeman and Wilbarger counties in Texas.
Eligible entities under this declaration can access the SBA’s Economic Injury Disaster Loan (EIDL) program if they have suffered financial losses directly related to the disaster. However,"the SBA is unable to provide disaster loans to agricultural producers,farmers or ranchers except for aquaculture enterprises."
EIDLs are designed for working capital needs caused by the disaster even if there was no physical damage."The loans may be used to pay fixed debts,payroll accounts payable,and other bills that could have been paid had the disaster not occurred."
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs with terms extending up to 30 years.Interest does not accrue nor are payments due until one year after the first loan disbursement.The SBA determines loan amount terms based on each applicant's financial condition.
For more information or to apply online visit SBA.gov/disaster.Applicants may also contact SBA’s Customer Service Center at (800)659-2955 or email disastercustomerservice@sba.gov.For those who are deaf hard of hearing or have a speech disability please dial 7-1-1 for telecommunications relay services.Completed loan applications must be submitted by March 14.