The U.S. Small Business Administration (SBA) has issued a reminder to private nonprofit (PNP) organizations in Oklahoma regarding the approaching deadline of May 19 for applying for federal disaster loans. These loans are designed to help offset the physical damage caused by the severe weather events, including storms, straight-line winds, tornadoes, and flooding, that took place from November 2 to November 5, 2024.
The affected counties within Oklahoma include Adair, Garvin, Jefferson, Lincoln, Okfuskee, Oklahoma, Stephens, and Washita. Through this assistance, PNPs that offer non-critical services of a governmental nature are eligible for business physical disaster loans. These organizations can borrow up to $2 million for repairing or replacing damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Applicants might also be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA, specifically for mitigation purposes. Potential improvements under this provision include insulating pipes, walls, and attics, weather stripping doors and windows, and installing storm windows to enhance the protection of property and occupants from future damages.
Chris Stallings, the associate administrator of the Office of Disaster Recovery and Resilience at the SBA, stated, "One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage. I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s mitigation loans."
Additionally, PNPs are eligible for Economic Injury Disaster Loans (EIDLs) to support their working capital needs. These loans may be allocated for paying fixed debts, payroll, accounts payable, and other bills that cannot be paid due to the disaster. It is important to note that EIDL assistance is available even if there was no physical property damage.
The interest rates on these loans can be as low as 3.625%, with repayment terms extending up to 30 years. Payments for these loans do not begin until 12 months from the date of the first disbursement, as interest will not accrue during this period. Loan amounts and terms are determined based on the financial condition of each applicant.
To apply for assistance, interested parties can visit sba.gov/disaster. For additional information on SBA disaster assistance, they can contact SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. Those who are deaf, hard of hearing, or have a speech disability can access services by dialing 7-1-1.
The final date for submitting applications for physical property damage is May 19, while the deadline for economic injury applications is December 18.
The U.S. Small Business Administration is a key resource for small businesses under the federal government, empowering entrepreneurs and small business owners by providing necessary resources and support to start, grow, expand, or recover from disasters.