In response to a Presidential disaster declaration issued on May 21, the U.S. Small Business Administration (SBA) announced the availability of low-interest federal disaster loans for Oklahoma small businesses, private nonprofit organizations, and residents affected by wildfires and straight-line winds from March 14-21.
The declaration includes the Oklahoma counties of Cleveland, Creek, Lincoln, Logan, Oklahoma, Pawnee, and Payne. Businesses and nonprofits can apply for business physical disaster loans with a borrowing limit of up to $2 million to repair or replace damaged real estate, machinery, equipment, inventory, and other assets.
Homeowners and renters may apply for home and personal property loans. Homeowners can borrow up to $500,000 to repair their primary residence and up to $100,000 for personal property like clothing and appliances.
Applicants might be eligible for a loan increase of up to 20% of their verified physical damages for mitigation purposes. These improvements could include insulating pipes or installing storm windows.
The SBA’s Economic Injury Disaster Loan (EIDL) program is available for small businesses and nonprofits impacted financially by the disaster. These loans cover working capital needs even if no physical damage occurred. They can be used for fixed debts or payroll expenses.
“One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings from the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s mitigation loans.”
Interest rates are set at 4% for small businesses, 3.62% for nonprofits, and 2.75% for homeowners with terms up to 30 years. Interest does not accrue until 12 months after the first loan disbursement.
Starting May 27, SBA representatives will be available at Disaster Loan Outreach Centers in Creek County's First Baptist Church of Mannford and Lincoln County's Carney High School during weekdays from 9 a.m. – 6 p.m., excluding Memorial Day closures in Logan County Courthouse Annex and Payne County Community Center which will remain open until June 11.
For online applications visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955. The deadline for physical property damage applications is July 21, 2025; economic injury applications are due by February 23, 2026.