SBC Disaster Loan Outreach Center to close in Madill

Release

SACRAMENTO, Calif. – Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West announced today that SBA will close its Madill Disaster Loan Outreach Center at 6 p.m. on Thursday, April 28.

“SBA opened the center to provide personalized assistance to Oklahoma businesses and residents who were affected by the severe storms, tornadoes, and straight-line winds that occurred March 21, 2022,” Garfield said. “Until the center closes, SBA customer service representatives will continue to be available to meet with businesses and residents to answer their questions, explain SBA’s disaster loan program and close their approved disaster loans.”

Businesses and residents can meet with SBA representatives on the days and times as indicated below. No appointment is necessary.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 2.94 percent for businesses, 1.875 percent for private nonprofit organizations and 1.438 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Applicants may apply online, receive additional disaster assistance information and download applications athttps://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@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. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

The deadline to apply for property damage is June 6, 2022. The deadline to apply for economic injury is Jan. 6, 2023.