SBA loans available for small businesses in Oklahoma

The Small Business Administration has approved a disaster declaration requested by Gov. Kevin Stitt for all 77 counties in Oklahoma, allowing small businesses across the state to apply for low-interest loans.

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.

Businesses are encouraged to apply on SBA’s website