SBA Economic Disaster Loans Available to Small Businesses
Sacramento, CA – Small non-farm businesses in 76 counties in Oklahoma and neighboring counties in Arkansas, Colorado, Kansas, New Mexico and Texas are now eligible to apply for federal disaster loans interest rate with the US Small Business Administration, said Director Tanya N. Garfield of SBA-West’s Disaster Field Operations Center. These loans compensate for economic losses due to reduced income caused by the drought in the following major counties which began on November 1, 2021.
Main Oklahoma counties: Alfalfa, Atoka, Beaver, Beckham, Blaine, Bryan, Caddo, Canadian, Carter, Choctaw, Cimarron, Cleveland, Coal, Comanche, Cotton, Craig, Creek, Custer, Dewey, Ellis, Garfield, Garvin , Grady, Grant, Greer, Harmon, Harper, Hughes, Jackson, Jefferson, Johnston, Kay, Kingfisher, Kiowa, Le Flore, Lincoln, Logan, Love, Major, Marshall, Mayes, McClain, McCurtain, Murray, Noble, Nowata, Oklahoma, Osage, Pawnee, Payne, Pittsburg, Pontotoc, Pottawatomie, Pushmataha, Roger Mills, Rogers, Seminole, Stephens, Texas, Tillman, Tulsa, Wagoner, Washington, Washita, Woods, and Woodward;
Neighboring Oklahoma counties: Cherokee, Delaware, Haskell, Latimer, McIntosh, Muskogee, Okfuskee, Okmulgee, Ottawa, and Sequoyah;
Neighboring Arkansas counties: Little River, Polk, Scott, Sebastian, and Sevier;
Neighboring Colorado county: Baca;
Neighboring Kansas counties: Barber, Chautauqua, Cherokee, Clark, Comanche, Cowley, Harper, Labette, Meade, Montgomery, Morton, Seward, Stevens, and Sumner;
Neighboring New Mexico County: Union;
Neighboring counties in Texas: Bowie, Childress, Clay, Collingsworth, cookingDallam, Fannin, GraysonHansford, Hardeman, Hemphill, lamarLipscomb, Montague, Ochiltree, red riverSherman, Wheeler, Wichita and Wilbarger.
“SBA eligibility covers both economic impacts on businesses dependent on farmers and ranchers who suffered agricultural production losses caused by the disaster and businesses directly affected by the disaster,” Garfield said.
Small non-agricultural businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations of any size may be eligible for economic disaster loans of up to $2 million for help meet financial obligations and operating expenses that could have been met had the disaster not occurred.
“Eligibility for these loans is based solely on the financial impact of the disaster and not on the actual property damage. These loans have an interest rate of 2.83% for businesses and 1.875% for private organizations not-for-profit, a maximum term of 30 years and are available to small businesses and most private non-profit organizations without the financial capacity to offset the negative impact without hardship,” Garfield said.
By law, the SBA makes economic disaster loans available when the United States Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on April 8, 2022.
Businesses whose primary business is agriculture or ranching are not eligible for SBA disaster relief. Agricultural businesses should contact the Farm Services Agency about the United States Department of Agriculture assistance made available by the Secretary’s Statement. However, nurseries are eligible for SBA disaster assistance in the event of a drought.
Applicants can apply online, receive additional information about disaster assistance, and upload applications at https://disasterloanassistance.sba.gov/.
Applicants may also call the SBA Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing or have a speech impediment, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to file an economic injury claim is December 8, 2022.