Disaster Declarations: Discussion and Benefits Review

Due to the storms that have occurred in recent months throughout Oklahoma, low-interest federal disaster loans are available to Oklahoma businesses and residents as a result of President Biden's major disaster declaration, U.S. Small Business Administration Administrator Isabella Casillas Guzman announced. If you are a business owner, homeowner or renter and live in one of the counties declared or live in a contiguous county to those declared and you have been affected either physically or economically, please take time to join OKSBDC and special guest speakers, Raenada Mason & Louise Porter, Public Information Officers with the Office of Disaster Assistance - West- U.S. Small Business Administration for this live presentation as we review the declarations and benefits associated with this declaration, including 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. * SBA may lend private nonprofits up to $2 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 improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future. *For certain private nonprofit organizations of any size, SBA also offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage. *Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement. * Homeowners may borrow money to repair/replace their primary residence. * Homeowners and renters may borrow money to repair/replace personal property.

Speaker(s): OKSBDC Professional Advisors Raenada Mason Public Information Officer Office of Disaster Assistance, Field Operations Center - West U.S. Small Business Administration Louise K. Porter Public Information Officer Office of Disaster Assistance, Field Operations Center - West U.S. Small Business Administration

Co-Sponsor(s):

Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Language assistance services are available for limited English proficient individuals with appropriate advance notice. Please contact OKSBDC Training Manager Cindy Ruminer by email at cindy.ruminer@oksbdc.org or call 580-745-2877. All SBDC programs and services are extended to the public on a non-discriminatory basis. “Funded in part through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.”

Fee: No Cost