July 24, 2024

Disaster loans now up for some | Community

The U.S. Small Business Administration’s Office of Disaster Recovery and Resilience are reminding Oklahoma small businesses of the Jan. 24, 2024 deadline to apply for an SBA federal disaster loan for economic injury caused by severe storms, straight-line winds and tornadoes that occurred April 19-20, 2023.

Garvin County is among the Oklahoma counties on the list for low-interest federal disaster loans. Others are Canadian, Cleveland, Grady, Lincoln, McClain, Okfuskee, Oklahoma, Pontotoc, Pottawatomie and Seminole counties.

Small non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster.

“Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” SBA Associate Administrator Francisco Sánchez said.

The interest rate is 4 percent for businesses and 2.375 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

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