Loans for Homeowners, Renters and Businesses of All Sizes
Release Date: December 7, 2011
Media Contact: Richard Jenkins
Release Number: OK 12955-01
Phone: (916) 735-1500
SBA Offers Disaster Assistance to Oklahoma Residents and Businesses Affected by the Earthquakes
Sacramento, CA –Low-interestfederaldisaster loans are available to Oklahoma residents and business owners affected by the earthquakes that began on November 5, 2011, announced U. S. Small Business Administration (SBA) Administrator Karen G. Mills. SBA acted under its own authority to declare a disaster following the November 30 denial of the state’s appeal for a major disaster declaration.
The disaster declaration makes SBA assistance available in Lincoln County and the neighboring counties of Creek, Logan, Okfuskee, Oklahoma, Payne and Pottawatomie.
“The U. S. Small Business Administration is strongly committed to providing Oklahomans with the most effective and customer-focused response possible, and we will be there to provide access to federal disaster loans to help finance recovery for residents and businesses affected by the disaster,” said Mills. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”
“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 the disaster,” said SBA’s Oklahoma District Director Dorothy Overal. “Beginning Thursday, December 8, SBA customer service representatives will be on hand at the following Disaster Loan Outreach Center to issue loan applications, answer questions about SBA’s disaster loan program, explain the application process, and help each individual complete their application,” Overal continued.
The center will be open on the days and times indicated. No appointment is necessary.
Disaster Loan Outreach Center
Prague City Hall
820 N. Jim Thorpe Blvd.
Prague, OK 74864
Open Thursday, December 8 through Thursday, December 22
Mondays through Fridays
9 am to 6 pm
Re-opens Tuesday, January 10 at 9 am
Mondays through Fridays until further notice
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 and most private, nonprofit organizations of any size and aquaculture businesses, SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.
Interest rates can be as low as 2.063 percent for homeowners and renters, 3 percent for private, nonprofit organizations and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition.
Applicants may apply online via SBA’s secure Web site athttps://disasterloan.sba.gov/ela.
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling SBA at (800) 659-2955, firstname.lastname@example.org, or visiting SBA’s Web site atwww.sba.gov/services/disasterassistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.
The filing deadline to return applications for property damage is February 6, 2012. The deadline to return economic injury applications is September 7, 2012.
For more information, visit SBA’s Web site atwww.sba.gov.
SBA Field Operations Center – West, P.O. Box 419004, Sacramento, CA 95841