Winter Weather Disaster Declaration – Discussion and Benefits Review

Due to the severe winter storms that occurred Feb. 8-20, 2021, low-interest federal disaster loans are now available to Oklahoma businesses and residents as a result of President Biden’s major disaster declaration, U.S. Small Business Administration’s acting Administrator Tami L. Perriello announced.

THIS DECLARATION IS FOR THE FOLLOWING COUNTIES AND ALL CONTIGUOS COUNTIES TO THOSE DECLARED: Canadian, Carter, Cherokee, Comanche, Cotton, Hughes, Jefferson, Le Flore, McIntosh, Oklahoma, Okmulgee, Osage, Pittsburg, Stephens, Tulsa and Wagoner.

If you are a business owner, homeowner or renter in the above stated areas, please take time to join OKSBDC Professionals and Guest Speaker Corey D. Williams, Public Information Officer with the Office of Disaster Assistance, Field Operations Center – West – U.S. Small Business Administration for a live presentation as we review the declaration, benefits associated with this declaration and what resources are available to Oklahomans as a result.

WHAT YOU NEED TO KNOW

• SBA disaster loans are the primary source of federal assistance to help pay for disaster repair or replacement costs not fully covered by insurance or other compensation.
• SBA offers low-interest disaster loans to businesses of all sizes, most private nonprofit organizations, homeowners and renters.
• Businesses of all sizes and most private nonprofit organizations may borrow up to $2 million for property damage.
• Small businesses, small businesses engaged in aquaculture and most private, nonprofit organizations may also borrow to help meet disaster caused working capital needs. Business statutory loan limit is $2 million for combined damage and working capital needs.
• Homeowners may borrow up to $200,000 to repair/replace their primary residence.
• Homeowners and renters may borrow up to $40,000 to repair/replace personal property.

Speaker(s): OKSBDC Advisors

Corey D. Williams

Public Information Officer

Office of Disaster Assistance, Field Operations Center – West

U.S. Small Business Administration