SACRAMENTO, Calif. — Low-interest federal disaster loans are available to Oklahoma businesses and residents affected by the severe storms, straight-line winds, tornadoes and flooding that occurred June 14-18, U.S. Small Business Administration Administrator Isabella Casillas Guzman said in a news release.
SBA acted under its authority to declare a disaster in response to a request the agency received from Oklahoma Gov. Kevin Stitt on July 1.
The disaster declaration makes SBA assistance available in Caddo, Comanche, Cotton, Creek, Grady, Kiowa, Okmulgee, Osage, Pawnee, Rogers, Stephens, Tillman, Tulsa, Wagoner and Washington counties.
“SBA’s mission-driven team stands ready to help Oklahoma’s small businesses and residents impacted by the severe storms, straight-line winds, tornadoes and flooding,” Guzman said. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
Tanya N. Garfield, director of the SBA’s Disaster Field Operations Center-West, said: “Low-interest loans are available to businesses of all sizes, nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster. Beginning Friday, July 7, SBA customer service representatives will be on hand at the following Disaster Loan Outreach Centers to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application.”
Comanche County’s disaster loan outreach center is located in the Haywood Room of the Dr. E.A. Owens Multipurpose Center, 1405 SW 11th St., Lawton. Hours are 9-6 p.m. weekdays.
The center opened July 7 and will close at 6 p.m. July 17.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business had any property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate, according to the news release. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest rates can be as low as 4% for businesses, 2.375% for private nonprofits and 2.5% for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and based on each applicant’s financial condition.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information.
People who are deaf, hard of hearing or have a speech disability should dial 711 to access telecommunications relay services.
Completed applications should be mailed to U.S. Small Business Administration Center, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for property damage is Sept. 1, 2023, and the deadline to apply for economic injury is April 3, 2024.