Federal disaster loan assistance in Lawton has begun

Since Friday morning, local residents and businesses can apply in person for federal disaster loans to deal with the damages in the aftermath of the hail and wind storms in the Lawton area on June 15.

The U.S. Small Business Administration (SBA) has opened the doors of its Disaster Loan Outreach Center on the north side of the Dr. E. A. Owens Multipurpose Center, 1405 SW 11th, where representatives can assist residents and business owners with any questions and concerns, as well as helping to fill out the application.

“Come in and see us,” Team Leader Charles Kight said. “There are always questions that aren’t common knowledge.”

SBA’s Outreach Center opened at 9 a.m. Friday. By noon, three people had visited the location. Kight said one person was representing a business, and the other two were one homeowner and one renter. Their applications are being reviewed.

The Outreach Center will be open 9 a.m. to 6 p.m. Monday through Friday until July 27. There are different type of loans people can apply for, depending on their circumstances (see box for more information).

Some requirements for receiving loans are the ability to repay all loans and an acceptable credit history, according to a fact sheet of the SBA. Physical loss loans over $14,000 and Economic Injury Disaster Loans over $25,000 are subject to required collateral. However, SBA said it won’t deny loans for a lack of collateral, but instead requires applicants to pledge what is available.

Interest rates can be as low as 2.5 percent for homeowners (see box for more information). Loan terms are up to a maximum of 30 years; however, business with credit available elsewhere are restricted to a 7-year maximum. Kight said that due to a policy change, all disaster loans are subject to 12 months of no payment and deferred interest.

Individuals need to make sure to keep an eye on the deadlines. Applications for loans for physical damages need to be filed by Sept. 1, 2023, whereas applications for loans for economic injuries can wait until April 3, 2024.