Small businesses, homeowners, renters, and nonprofit organizations across several northern Oklahoma counties now have access to low-interest federal disaster loans following the severe storms and tornadoes that struck on April 23. The U.S. Small Business Administration is offering financial assistance to help residents and organizations recover and rebuild in Garfield, Kay, Logan, Kingfisher, Grant, Noble, Alfalfa, and Major counties.
Homeowners may apply for loans up to $500,000 to repair or rebuild their primary residence to pre-disaster condition. Renters and homeowners can also apply for up to $100,000 to replace personal property such as vehicles, clothing, furniture, and appliances. These loans carry interest rates as low as 2.875 percent with terms up to 30 years.
Businesses and nonprofit organizations may qualify for up to $2 million in property damage assistance to repair or replace real estate, equipment, inventory, and other damaged assets. Interest rates are as low as 4 percent for businesses and 3.625 percent for nonprofit organizations, with repayment terms up to 30 years…