The U.S. Small Business Administration (SBA) has announced the provision of low-interest federal disaster loans to support Oklahoma businesses, nonprofits, and residents impacted by severe weather events earlier this month. These loans, aimed at addressing damages and economic losses resulting from storms, tornadoes, and straight-line winds, were made available following a disaster declaration issued in response to a request from Governor Kevin Stitt on March 21.
This declaration includes the counties of Coal, Garvin, Hughes, Johnston, McClain, Murray, Pontotoc, Pottawatomie, and Seminole. The SBA is offering business physical disaster loans, allowing businesses and nonprofits to borrow up to $2 million for the repair or replacement of damaged real estate, machinery, equipment, inventory, and other business assets.
Individuals affected by the weather can apply for home and personal property loans. Homeowners and renters may borrow up to $100,000 to replace or repair personal property, including clothing, furniture, cars, and appliances. Additionally, homeowners can apply for up to $500,000 to repair or replace their primary residence. There is also an option for a loan increase of up to 20% for specific mitigation improvements verified by the SBA.
The Economic Injury Disaster Loan (EIDL) program offers assistance to small businesses, agricultural cooperatives, nurseries, and private nonprofit organizations facing financial losses due to the disaster. These loans cater to working capital needs resulting from the disaster, regardless of physical damage, and can cover expenses such as fixed debts and payroll.
Starting on Monday, March 31, SBA specialists will be accessible for direct consultations on disaster loans. An in-person appointment can be booked or walk-in sessions are available at the Disaster Loan Outreach Centers. Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, emphasized, "When disasters strike, SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover."
Those interested can apply online at sba.gov/disaster or contact the SBA's Customer Service Center for further details. The deadline for submitting physical damage applications is May 27, while the economic injury applications are due by December 26.