The U.S. Small Business Administration (SBA) has issued a reminder to eligible small businesses and private nonprofit organizations in Oklahoma regarding the upcoming deadline of June 9 for applying for low-interest federal disaster loans. These loans are intended to offset economic losses due to the drought that began on October 1, 2024.
The affected areas include numerous counties in Oklahoma, Kansas, and Texas. Specifically, the Oklahoma counties involved are Atoka, Bryan, Canadian, Carter, Cherokee, Choctaw, Comanche, Cotton, Craig, Creek, Delaware, Garfield, Garvin, Grady, Jefferson, Johnston, Kingfisher, Lincoln, Logan, Love, Marshall, Mayes, Noble Nowata Oklahoma Osage Ottawa Pawnee Payne Rogers Stephens Tulsa Wagoner and Washington. The Kansas counties included are Cherokee Labette and Montgomery while in Texas they are Clay Fannin Grayson Lamar and Montague.
Under this disaster declaration by the U.S. Secretary of Agriculture SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses small agricultural cooperatives nurseries and PNPs with financial losses directly related to the disaster. However agricultural producers farmers or ranchers are not eligible except for small aquaculture enterprises.
These EIDLs can be used for working capital needs caused by the disaster even if no physical damage occurred. Funds from these loans may be utilized to pay fixed debts payroll accounts payable and other bills not paid due to the disaster.
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.” He further added “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Eligible applicants can receive up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs with terms up to 30 years. Interest does not accrue nor are payments required until one year after the first loan disbursement date. The specific loan amounts and terms depend on each applicant's financial condition.
For application details visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services can be accessed by dialing 7-1-1 for individuals who are deaf hard of hearing or have a speech disability.
Completed applications must be submitted by June 9.