The U.S. Small Business Administration (SBA) has issued a reminder to eligible small businesses, nonprofits, and residents in Oklahoma about the approaching deadline for federal disaster loan applications. These loans are intended to address physical damages caused by severe storms and flooding that began on April 19.
This disaster declaration pertains to the counties of Caddo, Comanche, Cotton, Grady, Kiowa, Stephens, and Tillman in Oklahoma.
Small businesses and nonprofits can apply for business physical disaster loans with borrowing limits up to $2 million. These funds can be used to repair or replace damaged real estate, machinery, equipment, inventory, and other assets.
Homeowners and renters have access to home and personal property loans. Homeowners may borrow up to $500,000 for primary residence repairs or replacements. Both homeowners and renters can apply for up to $100,000 for personal property such as clothing, furniture, cars, and appliances.
Applicants might qualify for a loan increase of up to 20% of their verified physical damage for mitigation purposes. Mitigation improvements could include strengthening structures against high winds or installing safe rooms or storm shelters.
Chris Stallings from the SBA stated: "One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage." He encourages working with professionals to improve storm readiness while utilizing these loans.
The SBA's Economic Injury Disaster Loan (EIDL) program is also available for eligible small businesses and private nonprofit organizations affected financially by this disaster. The program excludes 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.
For application submissions or further information on SBA disaster assistance, visit sba.gov/disaster or contact 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.
The deadline for returning physical damage applications is July 11.