Return Disaster Loan Applications - Even if You Don't Want a Loan
Release Date: August 2, 2007
Release Number: 1712-020
» More Information on Oklahoma Severe Storms, Flooding, and Tornadoes
OKLAHOMA CITY, Okla. -- Oklahoma homeowners and renters affected by recent severe storms, flooding and tornadoes who need financial assistance should be sure to complete the loan application sent by the U.S. Small Business Administration (SBA) - even if the individual is not seeking a loan, according to the Oklahoma Department of Emergency Management (OEM) and the Federal Emergency Management Agency (FEMA).
Those who apply with SBA and do not qualify may be referred to other programs, but applicants must still complete the SBA loan application before they can be considered for certain grants and programs.
It is important for Oklahomans to know disaster loans from the SBA are not just for businesses. Homeowners also may qualify for low-interest loans to help rebuild or repair their homes and replace personal property. Renters may qualify for loans to repair or replace personal property. In fact, the majority of SBA disaster loans are made to homeowners and renters.
SBA loan amounts are based on the actual cost of repairing or rebuilding a damaged home and replacing personal property, minus any insurance reimbursements or benefits from other agencies or organizations for the same loss. However, disaster victims do not have to wait for their insurance settlement before applying for an SBA loan.
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.
Businesses of any size and private non-profit organizations may borrow up to $1.5 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 help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses only, SBA offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.
To date, SBA has approved more than $4.4 million in disaster loans to Oklahoma homeowners, renters, and businesses of all sizes hurt by the severe storms, flooding and tornadoes.
SBA Customer Service Representatives are on hand at the following Disaster Loan Outreach Centers (DLOC) and Disaster Recovery Centers (DRC) to issue loan applications, answer questions about SBA's disaster loan program, explain the application process, and help each individual and business owner complete an application.
The centers will be open on the indicated days and times:
Comanche County, Lawton
Mobile Disaster Recovery Center
4135 W. Gore Blvd.
Reopens: Tuesday, Aug. 7 through Sunday, Aug. 12 only, 8 a.m. - 6 p.m.Nowata County, South Coffeyville
Disaster Loan Outreach Center
City Hall (New)
419 Willow St.
Opens: Thursday, Aug. 2, Thursdays and Fridays only, 9 a.m. - 6 p.m.Ottawa County, Miami
Disaster Recovery Center
Furniture Gallery
1601 N. Main
Open Mondays - Saturdays 8 a.m. - 6 p.m.Pottawatomie County, Shawnee
Mobile Disaster Recovery Center
Conference Center Building
Heart of Oklahoma Expo Center
1700 W. Independence
Open: Through Sunday, Aug. 5, 8 a.m. - 6 p.m.Washington County, Bartlesville
Disaster Loan Outreach Center
Bartlesville Public Library
600 S. Johnstone Ave.
Open: Mondays - Wednesdays 9 a.m. - 6 p.m.
For more information about how to complete the loan application, or for more information on SBA assistance, call the SBA at 1-800-659-2955, log on to www.sba.gov/disaster or visit a DRC. The filing deadline to return applications for property damage is Sept. 5, 2007. The deadline to return economic injury applications is April 7, 2008.
For information on how to apply for assistance through FEMA, call 1-800-621-FEMA (3362), or TTY 1-800-462-7585 for the speech or hearing impaired. Disaster victims also may register online at www.fema.gov.
FEMA coordinates the federal government's role in preparing for, preventing, mitigating the effects of, responding to, and recovering from all domestic disasters, whether natural or man-made, including acts of terror.
Last Modified: Monday, 06-Aug-2007 15:35:18