SBA offers capital loans to OK, AR SMBs affected by snowstorms

4/21/2011

The United States Small Business Administration is offering loans to small companies in both Oklahoma and Arkansas that were affected by the severe snowstorms that ravaged the region between January 31 and February 5, the Daily Journal reports.

Oklahoma Governor Mary Fallin requested that the SBA respond to the situation, which affected many in the region, last week. SBA administrator Karen Mills announced on Tuesday that the agency acted on its own authority to address the issue.

More than 25 different regions in Oklahoma have access to the commercial loans, while Benton County, Arkansas, is also eligible for SBA aid.

"SBA officials say small, non-farm businesses, small agricultural cooperatives and most private, non-profit organizations may qualify for loans of up to $2 million," notes the source.

When natural disasters strike, the SBA is generally quick to provide support. While the SBA offers competitive loan rates, business owners must decide whether it's worth getting loans to cover damage caused by the disasters.