SBA help with disaster loans to begin

Dec. 21--The Small Business Administration will officially be on hand on the Cookson Fire Department starting Dec. 26 to assist businesses and individuals impacted by the Nov. 30 tornado with low-interest federal disaster loan applications.

The SBA's Disaster Loan Outreach Center offers low-interest disaster loans for homeowners, renters, and business owners in Cherokee County who would potentially repair or replace damaged property that was not covered by insurance. The loan program could also help businesses that sustained economic losses.

"SBA is strongly committed to providing Oklahoma with the most effective and customer-focused response possible, and we will be there to provide access to federal disaster loans to help finance recovery for businesses and residents affected by the disaster," said Linda McMahon, SBA administrator. "Getting our businesses and communities up and running after a disaster is our highest priority at SBA."

Counties contiguous to Cherokee County would also be eligible for assistance, including Adair, Delaware, Mayes, Muskogee, Wagoner and Sequoyah counties.

Damage assessments found more than 90 homes and businesses affected by the storm in Cherokee County. Of those, 58 homes and businesses with major damage were identified as uninsured and may be eligible for SBA's program.

The National Weather Service in Tulsa reported the Webbers Falls and Lake Tenkiller tornadoes were on the ground for more than an hour and traveled a combined 54 miles from Muskogee County to Delaware County.

At least 119 homes and businesses were affected by the storm across the five-county area.

"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," said Tanya N. Garfield, SBA's Disaster Field Operations Center-West director.

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 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 3.74 percent for businesses, 2.75 percent for private nonprofit organizations and 2 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.

Disaster Loan Outreach Center officials will be available Dec. 26, starting at 2 p.m. at the Cookson Fire Department at 21642 W. Cookson Bend Road. The center will be closed on New Year's Day but will reopen the following day. The center will close at 6 p.m. Jan. 10.

Applicants may also apply online at https://disasterloan.sba.gov/ela. For more information, applicants can call 1-800-659-2955 or email [email protected]. Individuals who are deaf or hearing impaired can call 1-800-877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155.

The deadline to apply for property damage is Feb. 19 and the deadline to apply for economic injury is Sept. 20.

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