Deadline approaching to apply for drought relief loans for small businesses

Drought conditions can impact your basement and foundation
Drought conditions can impact your basement and foundation
Published: Nov. 9, 2022 at 12:04 PM CST
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FORT WORTH, Texas (KSWO) - Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West today reminded

The deadline for small nonfarm businesses in 76 Oklahoma counties and neighboring counties in Arkansas, Colorado, Kansas, New Mexico and Texas to apply for an SBA federal disaster loan for economic injury is December 8.

These low-interest loans are to offset economic losses because of reduced revenues caused by drought which began Nov. 1, 2021.

Counties eligible to apply are:

Primary Oklahoma counties: Alfalfa, Atoka, Beaver, Beckham, Blaine, Bryan, Caddo, Canadian, Carter, Choctaw, Cimarron, Cleveland, Coal, Comanche, Cotton, Craig, Creek, Custer, Dewey, Ellis, Garfield, Garvin, Grady, Grant, Greer, Harmon, Harper, Hughes, Jackson, Jefferson, Johnston, Kay, Kingfisher, Kiowa, Le Flore, Lincoln, Logan, Love, Major, Marshall, Mayes, McClain, McCurtain, Murray, Noble, Nowata, Oklahoma, Osage, Pawnee, Payne, Pittsburg, Pontotoc, Pottawatomie, Pushmataha, Roger Mills, Rogers, Seminole, Stephens, Texas, Tillman, Tulsa, Wagoner, Washington, Washita, Woods and Woodward;

Neighboring Oklahoma counties: Cherokee, Delaware, Haskell, Latimer, McIntosh, Muskogee, Okfuskee, Okmulgee, Ottawa and Sequoyah;

Neighboring Arkansas counties: Little River, Polk, Scott, Sebastian and Sevier;

Neighboring Colorado county: Baca;

Neighboring Kansas counties: Barber, Chautauqua, Cherokee, Clark, Comanche, Cowley, Harper, Labette, Meade, Montgomery, Morton, Seward, Stevens and Sumner;

Neighboring New Mexico county: Union;

Neighboring Texas counties: Bowie, Childress, Clay, Collingsworth, Cooke, Dallam, Fannin, Grayson, Hansford, Hardeman, Hemphill, Lamar, Lipscomb, Montague, Ochiltree, Red River, Sherman, Wheeler, Wichita and Wilbarger.

According to Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster.

“Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact,” said Garfield. “SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster. Economic injury assistance is available regardless of whether the applicant suffered any property damage.”

The interest rate is 2.83 percent for businesses and 1.875 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.