The U.S. Small Business Administration (SBA) is notifying eligible small businesses and private nonprofit organizations in Oklahoma about the approaching deadline of April 21, 2025, to apply for federal disaster loans. These loans aim to mitigate economic losses due to the drought that began on June 25, 2024.
The counties affected by this declaration include Beckham, Blaine, Caddo, Custer, Dewey, Roger Mills, and Washita.
Through this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program extends support to small businesses, small agricultural cooperatives, nurseries, and PNPs impacted by financial losses related to the drought. The program does not cover agricultural producers, farmers, or ranchers unless they are small aquaculture enterprises.
EIDLs address working capital needs caused by the disaster and are available even if no physical damage occurred. These loans can be used for expenses such as fixed debts, payrolls, accounts payable, and other bills not covered due to the disaster.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Loan amounts can reach up to $2 million with interest rates starting at 4% for small businesses and 3.25% for PNPs. Terms can extend up to 30 years. Interest accrual and payment begin 12 months after the first loan disbursement. The SBA determines loan amounts and terms based on each applicant's financial situation.
To apply online or get more information about SBA disaster assistance services 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 at 7-1-1 for those who are deaf or hard of hearing.
Completed loan applications must be submitted by April 21.