The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Oklahoma of an upcoming deadline to apply for federal disaster loans. These loans aim to mitigate economic losses resulting from the drought that began on August 6, 2024. The deadline to apply is June 2, 2025.
This disaster declaration affects several counties including Beckham, Custer, Dewey, Ellis, and Roger Mills in Oklahoma, as well as Hemphill and Wheeler counties in Texas.
SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofits that experienced financial losses because of the drought. However, these loans are not available to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
EIDLs provide working capital for those affected, even if they did not suffer any physical damage. The loans can cover fixed debts, payroll, accounts payable, and other bills that were not paid due to the disaster. Interest rates for small businesses are as low as 4%, while the rate for nonprofits is 3.25%. Loan amounts can reach up to $2 million, with repayment terms of up to 30 years. Payments do not begin until 12 months after the initial loan disbursement.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, stated: "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."
Interested applicants can apply online at sba.gov/disaster. Additional information can be obtained by calling SBA’s Customer Service Center at (800) 659-2955 or emailing disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1 for those who are deaf, hard of hearing, or have a speech disability.
Completed loan applications are due by June 2, 2025.