The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses economically impacted by the closure of Interstate 70 which was caused by flooding, mudslides and rockslides that occurred July 29 – Aug. 2, 2021. SBA acted under its own authority to declare a disaster following a request received from Gov. Jared Polis on Sept. 13, 2021.
The disaster declaration makes SBA assistance available in Eagle, Garfield, Mesa, Pitkin, Rio Blanco and Routt counties in Colorado; and Grand and Uintah counties in Utah.
“SBA’s mission-driven team stands ready to help Colorado small businesses impacted by the flooding, mudslides and rockslides resulting in the closure of Interstate 70,” said SBA’s Administrator Isabella Casillas Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
In consideration of the public health concerns due to the Coronavirus pandemic, beginning Friday, Sept. 17, SBA will establish a Virtual Business Recovery Center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application.
Virtual Business Recovery Center
Monday – Friday (5 days/week)
8 a.m. – 8 p.m. Eastern Time
“Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West.
“These 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. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Garfield added.
Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 2.855 percent for small businesses and 2 percent for private nonprofit organizations with terms up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.
The Grand Junction Small Business Development Center is offering free, personalized counseling to help affected businesses in their recovery. Businesses may contact the center by emailing email@example.com, by calling (970) 243-5242, or by visiting the SBDC office at 2591 Legacy Way, Grand Junction, CO 81503, Monday – Friday from 8 a.m. to 5 p.m. Visitors are encouraged to call first for an appointment. Businesses may also contact the Northwest Small Business Development Center at firstname.lastname@example.org.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for economic injury is June 16, 2022.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.