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SBA loans available for Glenwood Canyon businesses impacted by mudslides, I-70 closure

DENVER (KDVR) — Some companies can now apply for federal loans to offset the monetary impacts of the summer season’s disastrous floods and mudslides in Glenwood Canyon.

The Financial Harm Catastrophe loans might be out there to companies within the Glenwood Canyon-area counties that suffered bouts of extreme flash flooding in latest months, together with the related closures of Interstate 70.

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The deadline to use is June 16, 2022.

In a letter requesting federal assistance, Gov. Jared Polis’ workplace mentioned the I-70 closure “resulted in loss revenues between 50% and 75% for a whole bunch of small-town companies; and diminished out of doors recreation enterprise as a result of closure of Glenwood Canyon and resultant lack of entry to parts of the Colorado River.”

The catastrophe adopted 2020’s Grizzly Creek Fireplace, which burned a total of 32,631 acres in the area.

Which counties are eligible
Some companies in counties for which the U.S. Small Enterprise Administration awarded a catastrophe declaration are eligible to use for the loans:

Garfield
Eagle
Mesa
Pitkin
Rio Blanco
Routt
Glenwood Canyon catastrophe loans
2.855% rate of interest for small companies
2% rate of interest for personal nonprofit organizations
Phrases as much as 30 years
Could also be used to pay fastened money owed, payroll, accounts payable and different payments unpaid due to the catastrophe
Obtainable to small companies when SBA determines they’ll’t get credit score elsewhere
Companies might qualify for each an Financial Harm Catastrophe mortgage and a bodily catastrophe mortgage with mixed quantities of $2 million

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Get assist with your small business
The governor’s workplace mentioned organizations can be found to assist companies navigate the method.

Grand Junction Small Enterprise Improvement Middle:

Monday via Friday from 8 a.m. to five p.m.
[email protected]
(970) 243-5242
2591 Legacy Approach, Grand Junction, CO 81503
Northwest Small Enterprise Improvement Middle

SBA catastrophe help customer support middle

1-800-659-2955 (TTY: 1-800-877-8339)
[email protected]
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