SBA Loans Available for Small Businesses in Oklahoma

Press Release

Congressman Markwayne Mullin (OK-2) released the following statement after the Small Business Administration (SBA) approved a disaster declaration requested by Governor Kevin Stitt for all 77 counties in Oklahoma, allowing small businesses across the state to apply for low-interest loans.

"99 percent of businesses in Oklahoma are small businesses and they need help during this public health crisis," Mullin said. "Small businesses are the backbone of our communities and I applaud Governor Stitt for taking quick action to help them get the relief they need."

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: SBA.gov/disaster.

Source