The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Oklahoma of the approaching deadline to apply for federal disaster loans. The deadline is July 7, 2025, for those affected by drought beginning October 29, 2024.
The declaration encompasses several counties across Oklahoma, Arkansas, and Kansas. Eligible entities include small businesses, small agricultural cooperatives, nurseries, and private nonprofits with financial losses directly related to the drought. However, agricultural producers, farmers, or ranchers are not eligible unless they operate small aquaculture enterprises.
Chris Stallings from the SBA stated: “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover.” He added that they are pleased to offer loans to those impacted by these disasters.
Economic Injury Disaster Loans (EIDLs) can be used for working capital needs such as paying fixed debts and payroll. The maximum loan amount is $2 million with interest rates as low as 4% for small businesses and 3.62% for private nonprofits. Loan terms can extend up to 30 years with payments deferred for 12 months after disbursement.
Applications can be submitted online at sba.gov/disaster or through SBA's Customer Service Center at (800) 659-2955. Assistance is available via telecommunications relay services by dialing 7-1-1 for individuals who are deaf or hard of hearing.