Small business agency OKs $25M in state disaster loans
The U.S. Small Business Administration has approved more than $25 million in federal disaster loans for Oklahoma homeowners, renters and businesses damaged in tornadoes and other severe storms between May 18 and June 2.
“SBA's disaster assistance employees are committed to helping Oklahoma residents rebuild their homes and businesses as quickly as possible,” said Dorothy Overal, director of SBA's Oklahoma district.
Disaster loans up to $200,000 are available to homeowners to repair or replace their damaged primary residence. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged personal property.
Businesses and nonprofit organizations may borrow up to $2 million to repair or replace damaged real estate, machinery and equipment, inventory and other business assets.
Applicants may apply for an SBA disaster loan online at disasterloan.sba.gov/ela.
Storm victims are encouraged to register with the Federal Emergency Management Agency by Friday to qualify for SBA assistance.
“Don't miss out on any assistance you may be entitled to by not registering for help,” Overal said.
Individuals and business owners whose property was damaged by recent storms can register by calling (800) 621-3362. Individuals who are deaf or hard of hearing may call via TTY at (800) 462-7585.
From staff reports