Oklahoma Survivors Can Apply for SBA Loans

OKLAHOMA CITY – Businesses and residents in seven Oklahoma counties impacted by the March 14-21 wildfires and straight-line winds are eligible to apply for low-interest disaster assistance loans from the U.S. Small Business Administration (SBA).

FEMA partners with other agencies to meet the needs of survivors after a disaster, and SBA loans are the largest source of federal recovery funds. Residents and businesses in Cleveland, Creek, Lincoln, Logan, Oklahoma, Pawnee and Payne counties can apply for these loans if they sustained property damage.

Affected homeowners, renters and businesses do not need to wait for an insurance settlement before submitting an SBA loan application – and are under no obligation to accept an SBA loan if an application is approved.Residents can still apply for an SBA loan if they received assistance from FEMA.

Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.688 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.

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.

Homeowners may be eligible for a disaster loan of up to $500,000 for primary residence repairs or rebuilding. The SBA may also be able to help homeowners and renters with up to $100,000 to replace important personal property, such as damaged automobiles.

Businesses and private nonprofit organizations can borrow up to $2 million to repair or replace damaged property, destroyed real estate, inventory, machinery and equipment, and other essential assets. The SBA can lend additional funds for measures that help protect, prevent or minimize disaster damage from occurring in the future. 

SBA also offers Economic Injury Disaster Loans (EIDL) for small businesses, small agricultural cooperatives, nurseries, and private nonprofits to help recover from economic damage caused by a declared disaster. The SBA’s Economic Injury Disaster Loan (EIDL) program may be used to cover operating expenses, including fixed debts, payroll, rent, and other bills not paid due to the disaster.

EIDLs are available even if the business or private nonprofit did not suffer any physical damage. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

Oklahoma residents can apply for a disaster loan online at SBA.gov/disaster or by calling 800-659-2955. 

For the latest information about Oklahoma’s recovery, visit fema.gov/disaster/4866. Follow FEMA Region 6 on social media at x.com/FEMARegion6 and at facebook.com/FEMARegion6/