The deadline for applying for small business drought relief loans is fast approaching

FORT WORTH, Texas (KSWO) – Director Tanya N. Garfield of the US Small Business Administration’s Disaster Field Operations Center-West recalled today

The deadline for small nonfarm businesses in 76 counties of Oklahoma and neighboring counties in Arkansas, Colorado, Kansas, New Mexico and Texas to apply for an SBA disaster loan for economic damage is December 8.

These soft loans are designed to offset economic losses due to reduced revenue due to the drought that began on November 1, 2021.

Eligible counties are:

Primary Oklahoma counties: Alfalfa, Atoka, Beaver, Beckham, Blaine, Bryan, Caddo, Canadian, Carter, Choctaw, Cimarron, Cleveland, Coal, Comanche, Cotton, Craig, Creek, Custer, Dewey, Ellis, Garfield, Garvin, Grady , Grant, Greer, Harmon, Harper, Hughes, Jackson, Jefferson, Johnston, Kay, Kingfisher, Kiowa, Le Flore, Lincoln, Logan, Love, Major, Marshall, Mayes, McClain, McCurtain, Murray, Noble, Nowata, Oklahoma, Osage, Pawnee, Payne, Pittsburg, Pontotoc, Pottawatomie, Pushmataha, Roger Mills, Rogers, Seminole, Stephens, Texas, Tillman, Tulsa, Wagoner, Washington, Washita, Woods, and Woodward;

Neighboring Oklahoma counties: Cherokee, Delaware, Haskell, Latimer, McIntosh, Muskogee, Okfuskee, Okmulgee, Ottawa, and Sequoyah;

Neighboring Arkansas counties: Little River, Polk, Scott, Sebastian, and Sevier;

Neighboring County Colorado: Baca;

Neighboring Kansas counties: Barber, Chautauqua, Cherokee, Clark, Comanche, Cowley, Harper, Labette, Meade, Montgomery, Morton, Seward, Stevens, and Sumner;

Neighboring County of New Mexico: Union;

Neighboring Texas counties: Bowie, Childress, Clay, Collingsworth, Cooke, Dallam, Fannin, Grayson, Hansford, Hardeman, Hemphill, Lamar, Lipscomb, Montague, Ochiltree, Red River, Sherman, Wheeler, Wichita, and Wilbarger.

According to Director Tanya N. Garfield of the US Small Business Administration’s Disaster Field Operations Center-West, small nonfarm businesses, small farm cooperatives, small businesses involved in aquaculture, and most private nonprofit organizations of any size can apply for disaster loans for Up to $2 million in economic damages to meet working capital needs caused by the disaster.

“Economic damage disaster loans can be used to pay off fixed debts, payrolls, liabilities and other bills that cannot be paid due to the impact of the disaster,” Garfield said. “The SBA eligibility includes both the economic impact on businesses that depend on farmers and ranchers who suffered agricultural production losses as a result of the disaster, and on businesses directly affected by the disaster. Financial Damage Assistance is available regardless of whether the applicant has suffered property damage.”

The interest rate is 2.83 percent for corporations and 1.875 percent for private non-profit organizations with terms up to 30 years. Loan amounts and terms are determined by the SBA and are based on each applicant’s financial situation.

Applicants can apply online, get additional disaster assistance information, and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster relief.

Individuals who are deaf, hard of hearing, or have a speech impairment, please dial 7-1-1 to access telecommunications relay services. Completed applications should be sent to the US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

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