SBA provides drought relief to Oklahoma small businesses and nonprofits

SBA provides drought relief to Oklahoma small businesses and nonprofits

Economics
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Diedra Henry-Spires SBA Senior Advisor for COVID Programs | www.sba.gov

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The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for small businesses and private nonprofit organizations in Oklahoma, following November's drought. The assistance is available under a disaster declaration covering several counties in Oklahoma, including Garfield, Grant, Kay, Noble, and Osage, as well as Cowley and Sumner in Kansas.

SBA's Economic Injury Disaster Loan (EIDL) program is accessible to small businesses, agricultural cooperatives, nurseries, and private nonprofits that have experienced economic losses attributed to the drought. However, the SBA can only offer loans to small aquaculture enterprises among agricultural producers, farmers, or ranchers.

Chris Stallings, associate administrator of the SBA’s Office of Disaster Recovery and Resilience, said, “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover. We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”

The loans, which can reach up to $2 million, come with interest rates as low as 4% for small businesses and 3.625% for nonprofits. They are intended for working capital needs and can help in paying fixed debts, payroll, and accounts. Points of interest are that no interest accrues, and payments are postponed until a year after the first funds are dispersed. Loan terms are decided by examining each applicant's financial situation.

Applicants can apply online at sba.gov/disaster or contact the SBA's Customer Service Center for assistance. The deadline to submit applications is November 25.

The SBA continues its mission of supporting small businesses nationwide, offering resources and assistance to help entrepreneurs start, grow, and recover following disasters.

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