The tornadoes, flooding and hail that struck Oklahoma last year left hundreds of millions of dollars in property damage, causing many home and business owners to seek help in the form of low-interest federal loans.
The U.S. Small Business Administration approved 929 applications for about $50 million in low-interest disaster loans for people, businesses and nonprofits, according to SBA data acquired for Oklahoma Watch by the nonprofit group, Investigative Reporters and Editors.
Most applicants, 599, took out the loans, but often for much less than what was offered, SBA figures show.
The total amount loaned by the SBA was $21 million, or 42 percent of the approved total amount. All but 52 of the 929 applications were from individuals
. About half of the total amount approved was for applicants in Oklahoma City and Moore, which took the brunt of the damage from the May 20 and May 31, 2013, storms.
See a list of approved disaster loans for each city in Oklahoma, of which only 42% were actually used.
The purpose of the disaster-loan program is help owners recover from physical damage and, in the case of businesses, from economic harm.