The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in Oklahoma regarding the upcoming deadline to apply for federal disaster loans. These loans are intended to mitigate economic losses resulting from drought conditions that began on October 15, 2024. The application deadline is June 18.
The SBA's declaration covers numerous counties across Oklahoma, including Adair, Alfalfa, Atoka, Carter, Cherokee, Choctaw, Coal, Delaware, Garfield, Garvin, Grady, Grant, Haskell, Hughes, Johnston, Kay, Latimer, LeFlore, Mayes, McClain, McCurtain, McIntosh, Murray, Muskogee, Noble, Okmulgee, Osage, Pittsburg, Pontotoc, Pushmataha, Rogers, Sequoyah, Stephens Tulsa and Wagoner. It also includes several counties in Arkansas (Little River Polk Sevier), Kansas (Cowley Harper Sumner), and Texas (Bowie Red River).
The Economic Injury Disaster Loan (EIDL) program under this declaration is accessible to small businesses and private nonprofits experiencing financial losses directly tied to the drought. However agricultural producers farmers or ranchers are not eligible for these loans except for small aquaculture enterprises.
These EIDLs are available for working capital needs stemming from the disaster and can be used even if there was no physical damage to the business or nonprofit. The funds may cover fixed debts payroll accounts payable and other bills that remain unpaid due to the disaster.
"Through a declaration by the U.S. Secretary of Agriculture SBA provides critical financial assistance to help communities recover," stated Chris Stallings associate administrator of the Office of Disaster Recovery and Resilience at the SBA. "We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters."
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs with terms extending up to 30 years. Interest does not accrue nor are payments required until one year after the first loan disbursement. Loan amounts and terms are determined based on each applicant’s financial situation.
Applications can be submitted online at sba.gov/disaster or by contacting SBA’s Customer Service Center at (800) 659-2955 or via email at 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 must be submitted by June 18.