OKC VeloCity | OKC businesses, nonprofits can apply for SBA disaster loans

OKC businesses, nonprofits can apply for SBA disaster loans

By Chamber Staff / Economy / March 23, 2020

Oklahoma City businesses and nonprofit organizations impacted by the COVID-19 pandemic are now eligible to apply for low-interest disaster loans through the Small Business Administration (SBA) at sba.gov/disaster.

To qualify, businesses and non-profits must have a physical presence in Oklahoma, must have suffered or are likely to suffer substantial economic injury as a result of the pandemic, must be independently owned and operated, must not have credit available elsewhere and must meet size standards required by SBA.

Besides the applications, 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.

The 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. Businesses that are less than 12-months old are still eligible to apply, though the application may not be processes as quickly as older companies.

There are ongoing operational restrictions for businesses, events and gatherings in Oklahoma City due to a state of emergency proclaimed as the pandemic develops. Visit covid19.okc.gov for the latest local information.  The local restrictions, similar to those in cities nationwide, are to help limit the spread of COVID-19. Public health officials say it’s critically important to limit social interactions, which will slow the rate of infection and ensure people who are sick receive the best possible care.

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 ray.little@okcommerce.gov or 405-815-5227.

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