The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to Oklahoma small businesses, private nonprofits and residents to offset physical and economic losses from wildfires beginning March 14. The SBA issued a disaster declaration in response to a request SBA received from Gov. Kevin Stitt on April 16.
The declaration covers the Oklahoma counties of Canadian, Creek, Garfield, Kingfisher, Lincoln, Logan, Noble, Okfuskee, Oklahoma, Okmulgee, Osage, Pawnee, Payne, Pottawatomie, and Tulsa.
Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Applicants may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.