DENVER, CO – The U.S. Small Business Administration (SBA) announced it has awarded a disaster declaration in Garfield, Eagle, Mesa, Pitkin, Rio Blanco, and Routt counties as a result of flooding, mudslides, rockslides and associated closures of Glenwood Canyon. Businesses in these counties are eligible to apply for loans through the Economic Injury Disaster Loan (EIDL) program to offset the cost of this disaster on their business.
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 2.855 percent for small businesses and 2 percent for private nonprofit organizations with terms up to 30 years. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid due to the disaster.
EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere. A business may qualify for both an EIDL and a physical disaster loan. The maximum combined loan amount is $2 million.
The Grand Junction Small Business Development Center is offering free, personalized counseling to help affected businesses in their recovery. Businesses may contact the center by emailing frontdesk@gjincubator.org, by calling (970) 243-5242, or by visiting the SBDC office at 2591 Legacy Way, Grand Junction, CO 81503, Monday through Friday from 8 a.m. to 5 p.m. Visitors are encouraged to call first for an appointment. Businesses may also contact the Northwest Small Business Development Center at info@northwestsbdc.org.
Applicants may apply online, receive additional disaster assistance information and download applications on the SBA website. For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.
The deadline to apply for these funds through this disaster designation is June 16, 2022.