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SBA approves more than $35 million in disaster loans for state

SBA approves more than $35 million in disaster loans for state

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Aerial Flooding (copy)

Homes are flooded near South 145th West Avenue near Oklahoma 51 on the Arkansas River on May 30. TOM GILBERT/Tulsa World file

The U.S. Small Business Administration said Monday it has approved more than $35 million in disaster loans for Oklahoma individuals and businesses in the wake of this spring’s flooding and storms.

Director Tanya N. Garfield of the SBA’s Disaster Field Operations Center-West announced that the agency approved the federal disaster loans for those affected by severe storms, straight-line winds, tornadoes and flooding that occurred May 7 through June 9.

According to Garfield, SBA has approved $32.244 million for residents and $2.782 million for businesses to help rebuild and recover.

“Although the deadline to apply for property damage loans has expired, small businesses and most private nonprofit organizations of any size may continue to apply for an Economic Injury Disaster Loan to help meet working capital needs caused by the disaster,” she said in a news release.

“Economic injury assistance is available regardless of whether the business or nonprofit organization suffered any property damage.”

Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for an Economic Injury Disaster Loan of up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

The interest rate is 4% for businesses and 2.75% for private nonprofit organizations with terms up to 30 years. The deadline to apply for economic injury is March 2.

Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela.

Applicants may also call SBA’s Customer Service Center at 1-800-659-2955 or email disastercustomerservice@sba.gov for more information. Individuals who are deaf or hard of hearing may call 1-800-877-8339.

Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155.

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