The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Oklahoma about the upcoming deadline to apply for federal disaster loans. These loans aim to mitigate economic losses resulting from heavy rain and flooding that occurred between June 18 and June 21, 2024. The application deadline is April 3, 2025.
This disaster declaration affects several counties: Beaver, Cimarron, and Texas in Oklahoma; Morton, Seward, and Stevens in Kansas; and Hansford, Ochiltree, and Sherman in Texas.
The SBA's Economic Injury Disaster Loan (EIDL) program is accessible to small businesses, agricultural cooperatives, nurseries, and private nonprofits impacted by financial losses directly related to the disaster. However, it does not extend to agricultural producers such as farmers or ranchers unless they are involved in small aquaculture enterprises.
These loans are designed for working capital needs caused by the disaster and can be used even if no physical damage was sustained by the business. They may cover fixed debts, payrolls, accounts payable, and other bills that were left unpaid due to the disaster.
"SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery," said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster."
Eligible applicants can receive up to $2 million with interest rates as low as 4% for small businesses and 3.25% for private nonprofits. The terms can extend up to 30 years. Interest does not accrue until 12 months from the first loan disbursement date.
To apply online or seek more information about SBA disaster assistance, visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1 for those who are deaf or hard of hearing.
Applications must be submitted by April 3, 2025.