The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Oklahoma of the July 7 deadline to apply for low interest federal disaster loans to offset economic losses caused by drought beginning Oct. 29, 2024.

The disaster declaration covers the Oklahoma counties of Alfalfa, Canadian, Cleveland, Garfield, Garvin, Grady, Grant, Haskell, Latimer, LeFlore, Major, McClain, McCurtain, Pittsburg, Pontotoc, Pottawatomie, Pushmataha, Sequoyah and Woods as well as the Arkansas counties of Polk, Scott and Sebastian, and Kansas counties of Barber and Harper.

Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.62% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 6592955 or email disaster-customerservice@ 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.

Submit completed loan applications to the SBA no later than July 7.