Small businesses, homeowners, renters, and nonprofit organizations across several northern Oklahoma counties now have access to low-interest federal disaster loans following the severe storms and tornadoes that struck on April 23. The U.S. Small Business Administration is offering financial assistance to help residents and organizations recover and rebuild in Garfield, Kay, Logan, Kingfisher, Grant, Noble, Alfalfa, and Major counties.
Homeowners may apply for loans up to $500,000 to repair or rebuild their primary residence to pre-disaster condition. Renters and homeowners can also apply for up to $100,000 to replace personal property such as vehicles, clothing, furniture, and appliances. These loans carry interest rates as low as 2.875 percent with terms up to 30 years.
Businesses and nonprofit organizations may qualify for up to $2 million in property damage assistance to repair or replace real estate, equipment, inventory, and other damaged assets. Interest rates are as low as 4 percent for businesses and 3.625 percent for nonprofit organizations, with repayment terms up to 30 years.
In addition, Economic Injury Disaster Loans are available for up to $2 million to help cover working capital needs until normal operations resume. These funds can be used for expenses such as payroll, rent or mortgage payments, utilities, vendor costs, and existing debt obligations.
Officials note several advantages to the SBA disaster loan program, including the option to decline the loan even if approved, the ability to apply before insurance claims are settled, and a 12-month deferment period during which no interest accrues.
A Disaster Loan Outreach Center is currently open in Enid at the former Community Church of the Plains, 4205 S. Van Buren Street. SBA representatives will be available Monday through Friday from 10 a.m. to 7 p.m. through its closing on Friday, May 22. Walk-ins are welcome, and appointments can be scheduled at appointment.sba.gov.
Applicants can also apply online through the MySBA Loan Portal for Disaster #OK-20036, call the SBA Customer Service Center at 800-659-2955, or email disastercustomerservice@sba.gov for assistance. Individuals who are deaf, hard of hearing, or have a speech disability can dial 7-1-1 for telecommunications relay services.
The deadline for physical damage applications is June 30, while the deadline for economic injury applications is February 1, 2027.
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