Low-interest federal disaster loans are available to Colorado residents and business owners affected by wildfires, subsequent flooding and mudslides in El Paso and Larimer Counties that began June 9 announced U. S. Small Business Administration (SBA) Administrator Karen Mills. SBA acted under its own authority to declare a disaster following the denial on Aug. 6 of the state’s request for a major disaster declaration.
The disaster declaration makes SBA assistance available in the primary Colorado counties of El Paso and Larimer and 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 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 SBA’s Colorado District Director Greg Lopez. “Beginning at 9 am on Wednesday, August 8, SBA representatives will be on hand at the following Disaster Loan Outreach Centers to issue loan applications, answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application,” Lopez continued. The centers will be open on the days and times indicated until further notice. No appointment is necessary.
SBA Disaster Loan Outreach Center
Foothills Mall (Former Mervyns’ Store)
235 East Foothills Parkway
Opens 9 a.m. on Aug. 8
Mondays through Fridays
Hours: 9 a.m. to 6 p.m.
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.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.
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 (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955, e-mailing firstname.lastname@example.org or visiting SBA’s Web site at http://www.sba.gov/services/disasterassistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.
The filing deadline to return applications for property damage is October 9, 2012. The deadline to return economic injury applications is May 7, 2013.