SBA offers low-interest loans for businesses and residents affected by hail storm

Businesses and residents in and around Lawton who have been affected by the severe hail and wind storms in mid-June can apply for low-interest federal disaster loans, the U.S. Small Business Administration (SBA) announced in a release.

According to the release, the assistance is available in Caddo, Comanche, Cotton, Grady, Kiowa, Stephens and Tillman counties.

“Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” Tanya N. Garfield, director of the SBA’s Disaster Field Operations Center-West, said. Garfield added that starting today, customer service representatives will be available at Disaster Loan Outreach Centers to answer questions and help individuals to complete their application.

In Comanche County, the Disaster Loan Outreach Center is located in the Dr. E.A. Owens Multipurpose Center Haywood Room, 1405 SW 11th. It is open 9 a.m. to 6 p.m. Monday through Friday. No appointment is necessary, the release said. The representatives will be on-site until July 27.

For businesses, interest rates can be as low as 4 percent. Private nonprofit organizations can expect interest rates as low as 2.375 percent, and homeowners and renters 2.5 percent with terms up to 30 years. The specific terms are based on applicant’s individual financial condition, according to the release. However, because of a recent policy change, all disaster loans approved after Sept. 21, 2022, including the hail storm in Lawton in mid-June, are granted 12 months of no payments and 0 percent interest.

“SBA’s mission-driven team stands ready to help Oklahoma’s small businesses and residents impacted by the severe storms, straight-line winds, tornadoes and flooding,” Guzman said. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”

Businesses and private nonprofit organizations may receive a loan up to $2 million for repairs and replacements, according to the release. Additional funds are possible to help with improvements to prevent the same type of disaster damage from happening again.

Another type of loan, the so-called Economic Injury Disaster Loan, is available for small businesses and most private nonprofit organizations who suffered economic hardship caused by the disaster, regardless of whether the business suffered any actual property damage, the release said.

Homeowners can receive up to $200,000 to repair or replace their real estate. Up to $40,000 are available to homeowners and renters to repair or replace personal property, including vehicles.

The deadline to apply for property damage is Sept. 1, 2023. The deadline to apply for economic injury is April 3, 2024. Applications can be made online at disasterloanassistance.sba.gov, per email [email protected] or by phone at (800) 659-2955.