The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for small businesses, nonprofits, and residents in Oklahoma affected by severe storms and flooding that began on April 19. This announcement follows a disaster declaration requested by Governor Kevin Stitt and issued by the SBA on May 9.
The disaster declaration includes the counties of Caddo, Comanche, Cotton, Grady, Kiowa, Stephens, and Tillman. Eligible businesses and nonprofits can apply for business physical disaster loans up to $2 million to repair or replace damaged real estate, machinery, equipment, inventory, and other assets.
Homeowners may apply for loans up to $500,000 to repair or replace their primary residences. Renters and homeowners can also borrow up to $100,000 for personal property losses such as clothing, furniture, cars, and appliances. Applicants might qualify for a loan increase of up to 20% of their verified physical damages for mitigation purposes. Mitigation improvements include insulating pipes and attics or installing storm windows.
The SBA's Economic Injury Disaster Loan (EIDL) program is available for eligible small businesses and private nonprofit organizations impacted financially by the disaster. However, it does not extend to agricultural producers unless they are aquaculture enterprises. EIDLs address working capital needs caused by the disaster even if no physical damage occurred.
Interest rates are set at 4% for businesses, 3.62% for nonprofits, and 2.75% for homeowners and renters with terms extending up to 30 years. Interest accrual begins after 12 months from the first loan disbursement date.
Starting May 13, SBA customer service representatives will be available at a Disaster Loan Outreach Center (DLOC) located at Patterson Community Center in Lawton's Library Room to assist with applications and provide information about recovery programs. "When disasters strike," said Chris Stallings of the SBA's Office of Disaster Recovery and Resilience, "SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover."
Applications can be submitted online at sba.gov/disaster or via phone at (800) 659-2955. For those requiring telecommunications relay services due to hearing or speech disabilities, dial 7-1-1.
Physical damage applications must be returned by July 11; economic injury applications are due by February 12, 2026.