Elk City, OK — The U.S. Small Business Administration is reminding small businesses and private nonprofits in Beckham County in Oklahoma and Wheeler and Collingsworth counties in Texas to apply by Nov. 25 for low interest Economic Injury Disaster Loans tied to drought losses that began Nov. 1, 2024.
EIDLs provide working capital to cover fixed debts, payroll, accounts payable, and other bills that could not be paid because of the disaster. Agricultural producers, farmers, and ranchers are not eligible, except small aquaculture enterprises.
Loan amounts can reach up to $2 million. Interest rates are as low as 4 percent for small businesses and 3.625 percent for private nonprofits. Terms are up to 30 years. No interest accrues and no payments are due for 12 months from the first disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator for the SBA’s Office of Disaster Recovery and Resilience.
Apply online at sba.gov/disaster. For help, call 800-659-2955 or email disastercustomerservice@sba.gov
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