Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West said Tuesday that SBA will close its Muskogee Business Recovery Center at 5 p.m. Thursday.
“SBA opened the center to provide personalized assistance to businesses that were affected by the severe storms, straight-line winds, tornadoes and flooding that occurred May 7 - June 9, 2019,” Garfield said.
Until the center closes, SBA representatives will continue to meet with business owners to answer questions about SBA’s disaster loan program, explain the application process, help each individual complete their electronic loan application and close their approved loans. No appointment is necessary.
SBA representatives are available to explain SBA’s disaster loan program and help business owners and residents close their approved disaster loans. So far, SBA has approved $19.7 million in federal disaster loans to help rebuild and recover from this disaster.
Businesses of all sizes and private nonprofit organizations may borrow 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 businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
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.
Interest rates can be as low as 4 percent for businesses, 2.75 percent for private nonprofit organizations and 1.938 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
The Business Recovery Center in Muskogee is at Indian Capital Technology Center, Building C, 2403 N. 41st St. E., Room 300. The center will be open from 8 a.m. to 5 p.m. Thursday.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for property damage is July 31. The deadline to apply for economic injury is March 2, 2020.