Businesses encouraged to prep for SBA loan application
Update 3-21-20: The online portal to apply for SBA disaster assistance loans is now open for Oklahoma. You can access that at this link.
While Oklahomans wait for the U.S. Small Business Administration to open the application portal for the economic injury disaster loan, the Greater Oklahoma City Chamber is encouraging business owners to get ready for the process.
Operators must first see if their place qualifies as a small business by reviewing these guidelines. One of the key qualifications for an SBA loan is that the funds must be the only options available for the business.
“Anyone who’s interested in this needs to get in the queue as soon as they can,” said Tammy Fate, senior manager of retail development and recruitment. “With so many companies affected, we don’t want our businesses to miss out on this financial option.”
During the waiting process, owners should set up their user name and password at disasterloan.sba.gov and click “Apply online.” Owners can also start filling out the application to have it ready to file once the portal opens.
The next preparation steps can be done off the SBA website. Owners will need to prepare a half-page written narrative showing how COVID-19 has affected their business, as well as another half-page narrative discussing the history of the business. Operators should also gather three of years of tax returns and interim financial statements dated within the last 90 days.
Fate, who previously worked for the SBA, said the process can be somewhat daunting. But the sooner people start working on the paperwork, the more likely they’ll be successful in their application.
Business owners are encouraged to call their banker to have them review their application before filing it with the SBA. For more questions, visit the Oklahoma Department of Commerce's FAQ page about SBA loans.
The department has staff available to assist small businesses with filling out disaster loan application forms. Companies needing assistance with the application forms and economic development organizations aiding businesses in their communities should contact Ray Little at firstname.lastname@example.org or 405-815-5227.