Businesses harmed by natural disasters and the subsequent closure of Interstate 70 by Glenwood Canyon are eligible to apply for disaster relief loans.
Governor Jared Polis, the Colorado Office of Economic Development and International Trade, and the Division of Homeland Security and Emergency Preparedness announced the loans in a press release on Friday.
The governor’s Aug. 3 disaster declaration for the area resulted in the loans being made available through the US Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program.
“The shutdown resulted in a 50% to 75% drop in sales for hundreds of small town businesses; and reduced outdoor leisure business due to the closure of Glenwood Canyon and the resulting loss of access to parts of the Colorado River, ”Polis said in a September 10 letter to the SBA.
The loans are for businesses in Garfield, Eagle, Mesa, Pitkin, Rio Blanco and Routt counties that have suffered from flooding, mudslides, rockfalls and summer traffic closures from Glenwood Canyon.
“We took immediate action to help Coloradans affected by the Glenwood Canyon closings, and this additional funding will continue to support small businesses affected by this devastating disaster. I would like to thank our federal partners for responding to our request to help us rebuild our roads and for their work to provide important relief for our small businesses, ”Polis said in Friday’s press release.
Eligibility is based only on the financial impact of the disaster, not on actual property damage, says the communication. The loans have an interest rate of 2.855% for small businesses and 2% for private, non-profit organizations with a term of up to 30 years. The loans can be used to settle fixed debts, payrolls, liabilities, and other bills that are unpaid as a result of the disaster. The loans are granted if the SBA determines that the small businesses concerned cannot obtain a loan elsewhere. The maximum loan amount is $ 2 million.
The Grand Junction Small Business Development Center offers free consultation to help recovering businesses in distress. Businesses can email [email protected]; or call 970-243-5242; or visit the SBDC office, 2591 Legacy Way, Grand Junction, 8am to 5pm Monday through Friday. Personal visitors are urged to call first to make an appointment.