OKLAHOMA (KFSM) — Small businesses in some Oklahoma counties will have the opportunity to apply for disaster aid.
Despite the state of Oklahoma’s appeal for disaster being denied, the SBA (Small Business Administration) announced that low-interest federal disaster loans are available to Oklahoma businesses and residents affected by the severe winter storms and flooding that occurred Dec. 26, 2015 – Jan. 5, 2016.
According to a release from the SBA, 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.
Also, the SBA can 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, the release stated.
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, according to the release.
The SBA also stated that 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.
The filing deadline to return applications for property damage is May 31, 2016. The deadline to return economic injury applications is Dec. 29, 2016, according to the release.
Other Oklahoma counties eligible for assistance are Cherokee, Craig, Delaware, Mayes, Muskogee, Ottawa, Rogers and Wagoner. Cherokee County in Kansas and MacDonald and Newton Counties in Missouri are also included.