SBA offers disaster assistance to fire-affected residents and businesses

Low-interest federal disaster loans are available to Colorado residents and business owners affected by this summer’s wildfires, flooding and mudslides.

The U.S. Small Business Administration will assist residents primarily in El Paso and Larimer counties affected by summer wildfires. but also will assist those in the neighboring Colorado counties of Boulder, Crowley, Douglas, Elbert, Fremont, Grand, Jackson, Lincoln, Pueblo, Teller and Weld; and the neighboring Wyoming counties of Albany and Laramie.

“The U. S. Small Business Administration is strongly committed to providing Colorado with the most effective and customer-focused response possible, and we will be there to provide access to federal disaster loans to help finance recovery for residents and businesses affected by the disaster,” said SBA Administrator Karen Mills. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”

Low-interest federal disaster loans are available to homeowners, renters, businesses of all sizes and private, nonprofit organizations whose property was damaged or destroyed by this disaster, said Greg Lopez, SBA’s Colorado District Director.

Loan Outreach Centers are now open and SBA representatives are available from 9 a.m. to 6 p.m. Monday–Friday at the SBA Disaster Loan Outreach Center, 6840 Centennial Blvd. A center also is open in Larimer County.

The centers will be open on the days and times indicated until further notice, Lopez said.  No appointment is necessary.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate.  Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Businesses of any size and private, nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.  SBA can also lend additional funds to homeowners and businesses to help with the cost of making improvements that protect prevent or minimize the same type of disaster damage from occurring in the future.

Interest rates can be as low as 1.938 percent for homeowners and renters, 3 percent for private, nonprofit organizations and 4 percent for businesses, with terms up to 30 years.  Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application on the SBA’s secure website.

The filing deadline is Oct. 9.  The deadline to return economic injury applications is May 7.