Tuesday, April 7, 2015
OKLAHOMA CITY – Following a request from Governor Mary Fallin, the U.S. Small Business Administration today announced that low-interest federal disaster loans are available to businesses and residents in Tulsa and Cleveland counties who were affected by the tornadoes, severe storms, straight-line winds and flooding that occurred March 25-26. The disaster declaration also makes SBA assistance available in the contiguous counties of Canadian, Creek, Grady, McClain, Oklahoma, Okmulgee, Osage, Pawnee, Pottawatomie, Rogers, Wagoner and Washington.
“This most recent storm was devastating to many families and businesses,” said Fallin. “I’m glad the SBA recognized the need to step-up and help the recovery effort. This disaster assistance will provide some much-needed help to families and businesses that are working to rebuild and recover.”
Last month’s tornadoes and storms resulted in four deaths and 26 people suffering injuries that required treatment at area hospitals. Damage assessments showed 1,047 homes and businesses were damaged in the tornadoes, severe storms, straight-line winds and flooding that occurred March 25-26.
More on SBA loans (source: US Small Business Administration)
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 (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 4 percent for businesses, 2.625 percent for private nonprofit organizations and 1.813 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA).
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955 or emailing email@example.com. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. For more information about SBA’s disaster assistance programs, click here.
The filing deadline to return applications for property damage is June 8. The deadline to return economic injury applications is January 7.