The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses economically impacted by the Colorado Highway 133 sinkhole and road closure that occurred May 2 – June 19, SBA’s Administrator Isabella Casillas Guzman announced. SBA acted under its own authority to declare a disaster following a request received from Gov. Jared Polis on July 24.
The disaster declaration makes SBA assistance available in Chaffee, Delta, Eagle, Hinsdale, Garfield, Gunnison, Mesa, Montrose, Ouray, Pitkin, Rio Blanco, Routt and Saguache counties in Colorado; and Grand and Uintah counties in Utah.
“SBA’s mission-driven team stands ready to help Colorado’s small businesses impacted by the Colorado Highway 133 sinkhole and road closure,” said Administrator Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help these businesses.”
“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 4 percent for small businesses and 2.375 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 West Central Small Business Development Center is offering free, personalized counseling to help affected businesses in their recovery. Businesses may contact Nancy Murphy by emailing firstname.lastname@example.org, by calling (970) 765-3130, or by visiting the SBDC office at 145 S. Cascade Ave., Montrose, CO 81401. Office hours are Monday through Thursday from 8:30 a.m. to 5 p.m. and Friday from 8:30 a.m. until noon. Visitors are encouraged to call first for an appointment.
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. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 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 April 25, 2024.