Updated April 8, 7:31 a.m.: SBA loans available
The U.S. Small Business Administration has announced that low-interest federal disaster loans are available to Oklahoma businesses and residents affected by the severe storms that raked parts of the state last month.
Tuesday's disaster declaration makes SBA assistance available in Canadian, Cleveland, Creek, Grady, McClain, Oklahoma, Okmulgee, Osage, Pawnee, Pottawatomie, Rogers, Tulsa, Wagoner and Washington counties.
“This most recent storm was devastating to many families and businesses,” Gov. Mary Fallin said in a statement. "I’m glad the SBA recognized the need to step-up and help the recovery effort. This disaster assistance will provide some much-needed help to families and businesses that are working to rebuild and recover.”
Interest rates can be as low as 4 percent for businesses, around 2.6 percent for private, nonprofit organizations and about 1.8 percent for homeowners and renters with terms up to 30 years.
Loan amounts and terms are set by SBA and based on each applicant's financial condition.
The deadline to return applications for property damage is June 8; the deadline to return economic injury applications is January 7.
Original Post
Federal officials denied Oklahoma’s request last week for individual and business assistance in two counties affected by last month’s tornadoes that killed four people.
In a letter to Gov. Mary Fallin, FEMA administrator Craig Fugate said damage from the March 25 storms wasn’t severe or widespread enough to warrant federal assistance. Fugate said a review determined responding to the devastation was not beyond the resources of the state and local governments, as well as voluntary agencies like the American Red Cross or the Salvation Army.
“While I am disappointed by the White House’ [sic] decision to deny individual assistance, it is my hope the community can still receive help from the Small Business Administration,” Fallin said in a statement. “Many families and businesses could benefit greatly from the low interest loans the SBA provides to those who have suffered from storm damage.”
The day after the tornado that caused damage from roughly the intersection of SW 119th Street and Western Ave. in Oklahoma City to SE 34th Street and Sunnylane Road in Moore, Moore Mayor Glenn Lewis said he wasn’t sure the city’s damage would qualify for federal aid.
Fugate said in the letter Oklahoma has 30 days to appeal the denial. The state could still qualify for SBA low-interest disaster loans for Moore, Sand Springs, Oklahoma City, Tulsa, and other areas of Cleveland, Tulsa, and other surrounding counties.
26 other people were injured and 1,047 homes and businesses were damaged by the March 25 storms.
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