Jul 03, 2017
The U.S. Small Business Administration (SBA) is now offering Economic Injury and Property Damage low-interest federal disaster loans to businesses and residents affected by the hailstorm that occurred May 8, 2017, in the Denver Metro area.
The disaster declaration makes SBA assistance available in Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Douglas, Gilpin, Jefferson, Park, and Teller counties. SBA acted under its authority to declare a disaster in response to a request SBA received from
Governor John Hickenlooper on June 28, 2017.
“For those who saw their homes, businesses, and property damaged, this declaration will be of great assistance,” said Ryan Broughton, Executive Director Mayor’s Office of Emergency Management.
Businesses of all sizes 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 businesses and homeowners to help with the cost of improvements to 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 to help meet working capital needs to be caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
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 disaster loans up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 3.215 percent for businesses, 2.5 percent for private nonprofit organizations and 1.938 percent for homeowners and renters 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 SBA's secure website 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 or emailing email@example.com. Individuals who are deaf or hard of hearing may call (800) 877-8339.
The filing deadline to return applications for property damage is Aug. 29, 2017. The deadline to return economic injury applications is March 30, 2018.
SBA customer service representatives will be at the disaster loan outreach center to issue loan applications, answer questions and help individuals complete their applications.
Jefferson County Courts and Administration Building
100 Jefferson County Parkway
Golden, CO 80419
Opens 10:30 a.m. Wednesday, July 5
Mondays - Fridays 8:30 a.m. - 5:30 p.m.