The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for small businesses, private nonprofits, and residents in Oklahoma affected by wildfires that began on March 14. This announcement follows a disaster declaration issued after a request from Governor Kevin Stitt on April 16.
The declaration includes the counties of Canadian, Creek, Garfield, Kingfisher, Lincoln, Logan, Noble, Okfuskee, Oklahoma, Okmulgee, Osage, Pawnee, Payne, Pottawatomie, and Tulsa.
Eligible businesses and nonprofits can apply for business physical disaster loans up to $2 million to repair or replace damaged real estate and other assets. Homeowners and renters may apply for loans up to $100,000 for personal property or up to $500,000 for primary residence repairs.
Applicants might qualify for a loan increase of up to 20% of their verified physical damages for mitigation purposes. Improvements like insulating pipes and installing storm windows are included in eligible mitigation efforts.
The SBA's Economic Injury Disaster Loan (EIDL) program is available to small businesses and nonprofits facing financial losses due to the disaster. EIDLs cover working capital needs such as fixed debts and payroll but are not available to agricultural producers except aquaculture enterprises.
Interest rates start at 4% for small businesses, 3.62% for nonprofits, and 2.75% for homeowners and renters with terms extending up to 30 years. Interest accrual begins 12 months after the first loan disbursement.
Chris Stallings from the SBA stated: "When disasters strike, SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover." Starting May 21st, SBA representatives will be present at Disaster Loan Outreach Centers (DLOCs) across affected areas to assist with applications.
Centers will operate in Lincoln County at the Iowa Tribe of Oklahoma Fire Department until May 23rd; in Logan County at the Logan County Courthouse Annex; and in Payne County at Stillwater Community Center until June 11th. They will be closed on Memorial Day.
Applications can be submitted online at sba.gov/disaster or through SBA's Customer Service Center via phone or email. The deadline for physical damage applications is July 21st while economic injury applications are due by February 20th next year.