The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for private nonprofit organizations in Oklahoma that were affected by severe storms, straight-line winds, tornadoes, and flooding from November 2 to November 5, 2024.
This disaster declaration includes the counties of Adair, Garvin, Jefferson, Lincoln, Okfuskee, Oklahoma, Stephens, and Washita. Nonprofit organizations providing non-critical governmental services that suffered physical damage or financial losses due to the disaster can apply for business physical damage loans and Economic Injury Disaster Loans (EIDLs) through the SBA. Eligible non-critical PNP organizations encompass food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
Private nonprofits may borrow up to $2 million to repair or replace damaged real estate and business assets. There is also an option for a loan increase of up to 20% of their verified physical damages for mitigation purposes.
EIDLs address working capital needs caused by the disaster and are available even if no physical damage occurred. These loans cover fixed debts, payroll expenses, accounts payable, and other bills not paid due to the disaster.
Chris Stallings from the Office of Disaster Recovery and Resilience at the SBA stated: “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster.” He added that these loans play a crucial role in sustaining local economies post-disaster.
Interest rates on these loans are as low as 3.625%, with terms extending up to 30 years. Interest does not accrue nor are payments required until one year after the first loan disbursement date. Loan amounts and terms depend on each applicant's financial situation.
The SBA urges prompt submission of applications as they will be prioritized by order received. Applicants can apply online at sba.gov/disaster or contact SBA’s Customer Service Center for assistance. For those who are deaf or hard of hearing or have speech disabilities, telecommunications relay services can be accessed by dialing 7-1-1.
Applications for physical property damage must be submitted by May 19 while economic injury applications have a deadline of December 18.