Low-interest, federal disaster loans are available to Oklahoma residents and business owners affected by multiple wildfires in late July and early August in several Oklahoma counties.
The U.S. Small Business Administration has opened Disaster Loan Outreach Centers in Stillwater and Luther that can help those who sustained damage in Oklahoma and Payne counties during the wildfires. Help also is available in the contiguous counties of Canadian, Lincoln, Logan, Noble, and Pawnee.
“Low-interest federal disaster loans are available to homeowners, renters, businesses of all sizes and private, nonprofit organizations whose property was damaged or destroyed by this disaster,” SBA's Oklahoma District Director Dorothy Overal said. SBA representatives at the outreach centers can answer questions about the program.
The Payne County Disaster Loan Outreach Center is at the City of Stillwater Community Center, 315 W 8 St., Room 104. It is open from 9 a.m. to 7 p.m. Monday through Friday. It will close at 6 p.m. Oct. 18.
The Oklahoma County center is at Luther Town Hall in the upstairs conference room at 119 S Main St. It is open from 8 a.m. to noon and 1 to 5 p.m. on Monday through Friday. It will close at 5 p.m. on Oct. 18.
Small Business Administration help also is available in the FEMA/State Disaster Recovery Center in Cleveland County, at Twelve Corners Baptist Church, 15601 E Etowah Road in Noble.
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.
Businesses of any size 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 homeowners and businesses to help with the cost of making improvements that 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 to help meet working capital needs caused by the disaster. That assistance is available regardless of whether the business suffered any property damage.
Interest rates can be as low as 1.688 percent for homeowners and renters, 3 percent for private, nonprofit organizations and 4 percent for businesses, with terms up to 30 years.
Applicants may apply online using the Electronic Loan Application at disasterloan.sba.gov/ela.
Disaster loan information and application forms are also available from SBA's Customer Service Center by calling (800) 659-2955, emailing firstname.lastname@example.org or visiting SBA's website at www.sba.gov/services/disasterassistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.
The filing deadline for property damage is Nov. 30. The deadline for economic injury applications is July 1.