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 severe weather events in May. This follows a disaster declaration requested by Governor Kevin Stitt on June 4.
The declaration impacts the counties of Atoka, Coal, Haskell, Hughes, Latimer, McIntosh, Pittsburg, and Pushmataha. Businesses and nonprofits can apply for business physical disaster loans up to $2 million to repair or replace damaged assets. Homeowners and renters are eligible for loans up to $100,000 for personal property damage and up to $500,000 for primary residence repairs.
Loan applicants may qualify for an increase of up to 20% over their verified physical damages for mitigation purposes such as insulating pipes and installing storm windows.
Economic Injury Disaster Loans (EIDL) are also available for eligible small businesses and nonprofits facing financial losses due to the disaster. These loans cover working capital needs even if no physical damage occurred.
Interest rates start at 4% for businesses, 3.62% for nonprofits, and 2.81% for homeowners and renters with terms extending up to 30 years. Interest accrual begins one year after the first loan disbursement.
Chris Stallings from SBA’s Office of Disaster Recovery emphasized the importance of Disaster Loan Outreach Centers (DLOCs) in aiding recovery efforts: “When disasters strike, SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover.”
Starting June 10, SBA representatives will be available at the Pittsburg County DLOC located at Pittsburg Public School's Old Gymnasium to assist with applications during specified hours until July 2.
Applications can be submitted online at sba.gov/disaster or through SBA's Customer Service Center. The deadline for physical damage applications is August 5, while economic injury applications are due by March 6 next year.