The Norman Transcript

July 12, 2013

SBA loans available for Oklahoma storm damage repairs

The Associated Press

OKLAHOMA CITY (AP) — The US Small Business Administration says $25 million has been approved for low interest loans to Oklahoma residents and businesses to repair damage from tornadoes and storms that struck the state between May 18 and June 2.

Interest rates can be as low as 1.875 percent for homeowners and renters, 4 percent for businesses, and 2.875 percent for private nonprofit organizations, with terms up to 30 years.

SBA representatives are at disaster recovery centers in Canadian and Cleveland counties to issue loan applications and answer questions about the loan program.