The U.S. Small Business Administration (SBA) has announced federal disaster loans for Oklahoma's businesses, nonprofits, and residents affected by the severe storms, straight-line winds, tornadoes, and flooding that occurred on November 2-3, 2024. This assistance follows an administrative disaster declaration made on March 27, 2025.
The disaster declaration is applicable to Canadian, Cleveland, Kingfisher, Lincoln, Logan, Oklahoma, and Pottawatomie counties.
Businesses and nonprofits have the opportunity to apply for business physical disaster loans, with a borrowing limit of $2 million to repair or replace real estate, machinery and equipment, inventory, and other damaged assets. Homeowners and renters can apply for loans of up to $100,000 for personal property repairs, while homeowners can borrow up to $500,000 for primary residence repairs.
Mitigation improvements also qualify for loan increases of up to 20% of verified physical damages. Improvements may include insulating pipes, walls, and attics, weather stripping doors and windows, and installing storm windows.
Eligible for financial loss repair, the SBA's Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations—not agricultural producers, farmers, or ranchers, with the exception of aquaculture enterprises. These loans can cover working capital needs caused by the disaster, including payments for fixed debts, payroll, accounts payable, and other obligations.
From Tuesday, April 1, disaster loan programs will be explained and applications processed at a Disaster Loan Outreach Center (DLOC) where customer service representatives will be available for assistance. Appointments are encouraged through appointment.sba.gov.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, stated, "When disasters strike, SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover. At these centers, SBA specialists assist business owners and residents with disaster loan applications and provide information on the full range of recovery programs available."
Interest rates for these loans are 4% for small businesses, 3.625% for nonprofits, and 2.563% for homeowners and renters. Loan terms can extend up to 30 years, with interest not accruing and payments not due until 12 months after the first loan disbursement. Loan amounts and terms are determined based on each applicant’s financial condition.
For more details or to apply, visit sba.gov/disaster, contact SBA’s Customer Service Center at (800) 659-2955, or email disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1 for the deaf, hard of hearing, or those with a speech disability. The application deadline for property damage is May 27, while the deadline for economic injury is December 29.