Deadline approaches for Oklahoma small businesses to apply for SBA disaster loans

Deadline approaches for Oklahoma small businesses to apply for SBA disaster loans

Economics
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Arthur Plews SBA Chief of Staff | www.sba.go

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The U.S. Small Business Administration (SBA) has issued a reminder for eligible small businesses and private nonprofit organizations in Oklahoma about the upcoming deadline for federal disaster loan applications. These loans are intended to mitigate economic losses from the drought that began on July 2, 2024. The deadline for applications is set for April 28, 2025.

The SBA's disaster declaration includes several Oklahoma counties, namely: Alfalfa, Blaine, Caddo, Canadian, Cleveland, Custer, Dewey, Ellis, Garfield, Grady, Kingfisher, Logan, Major, McClain, Oklahoma, Roger Mills, Woods, and Woodward.

The SBA's Economic Injury Disaster Loan (EIDL) program supports small businesses, small agricultural cooperatives, nurseries, and impacted private nonprofits. EIDL loans are designated for working capital requirements due to the disaster's impact and are accessible even if the business or nonprofit experienced no physical damage. Loan usage spans covering fixed debts, payroll, accounts payable, and other related expenses unmet due to the disaster's economic impact.

"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."

The loans can be as much as $2 million, carrying interest rates as low as 4% for small businesses and 3.25% for private nonprofits, with repayment terms extending up to 30 years. Borrowers will not see interest accrual or be responsible for repayments until 12 months after the initial loan disbursement. Loan terms and amounts are determined by evaluating each applicant's financial status.

Applicants are encouraged to apply online at sba.gov/disaster or can inquire through SBA's Customer Service Center at (800) 659-2955, or by emailing disastercustomerservice@sba.gov. Services for the hearing and speech impaired can be accessed via the 7-1-1 relay service.

Applications must be fully completed and submitted by April 28.

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About the U.S. Small Business Administration

The U.S. Small Business Administration aims to foster business ownership across the nation. It serves as a key resource for small businesses, supported by the federal government, to initiate, grow, and expand or recover businesses in the event of a disaster. The SBA provides services through numerous field offices and partnerships with public and private bodies. More information can be found at www.sba.gov.

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