DENVER (KDVR) – Some companies can now apply for federal loans to offset the financial impact of the devastating summer floods and mudslides in Glenwood Canyon.
The loans for the economic injury catastrophe will be available to businesses in the Glenwood Canyon area counties that have suffered severe flash floods and the associated Interstate 70 closures in recent months.
The application deadline is June 16, 2022.
In a letter requesting support from the federal governmentGovernor Jared Polis’s office said the closure of I-70 “resulted in losses of between 50 and 75 percent 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. “
The disaster followed the 2020 Grizzly Creek Fire, which burned a total of 32,631 acres in the area.
Which counties are eligible
Some companies in counties that have been issued a disaster declaration by the US Small Business Administration can apply for the loans:
- Rio Blanco
Glenwood Canyon Disaster Loans
- 2.855% interest rate for small businesses
- 2% interest rate for private non-profit organizations
- Terms of up to 30 years
- Can be used to pay firm debts, payrolls, payables, and other bills unpaid due to the disaster
- Available to small businesses if the SBA determines they cannot get credit elsewhere
- Corporations can qualify for both an economic damage loan and a physical disaster loan for a total of $ 2 million
Get help for your business
The governor’s office said organizations are available to help businesses navigate.
Grand Junction Small Business Development Center:
- Monday to Friday from 8 a.m. to 5 p.m.
- [email protected]
- (970) 243-5242
- 2591 Legacy Way, Grand Junction, CO 81503
Northwest Small Business Development Center
SBA Disaster Relief Customer Service Center
- 1-800-659-2955 (TTY: 1-800-877-8339)
- [email protected]
Suggest a correction