Companies harm by pure disasters and the following closures of Interstate 70 by way of Glenwood Canyon are eligible to use for catastrophe aid loans.
Gov. Jared Polis, the Colorado Workplace of Financial Growth and Worldwide Commerce, and the Division of Homeland Safety and Emergency Preparedness introduced the loans Friday in a information launch.
The governor’s Aug. 3 catastrophe declaration for the world prompted availability of the loans by way of the U.S. Small Enterprise Administration’s (SBA) Financial Harm Catastrophe Mortgage (EIDL) program.
“The closure resulted in loss (of) revenues between 50% and 75% for lots of of small-town companies; and decreased outside recreation enterprise as a result of closure of Glenwood Canyon and resultant lack of entry to parts of the Colorado River,” Polis stated in a Sept. 10 letter to the SBA.
The loans are for companies in Garfield, Eagle, Mesa, Pitkin, Rio Blanco and Routt counties which have suffered due to flooding, mudslides, rockslides and the summer time visitors closures by way of Glenwood Canyon.
“We took motion instantly to assist Coloradans impacted by the Glenwood Canyon closures and this extra funding will present continued assist to the small companies affected by this devastating catastrophe. I thank our federal companions for fulfilling our request to assist us construct our roads again higher and for his or her work to offer vital aid to our small companies,” Polis stated in Friday’s information launch.
Eligibility is predicated on monetary affect of the catastrophe solely, not on any precise property harm, the discharge stated. The loans have a 2.855% rate of interest for small companies and a couple of% for personal, nonprofit organizations, with phrases as much as 30 years. The loans can be utilized to pay fastened money owed, payroll, accounts payable and different payments which can be unpaid due to the catastrophe. The loans will likely be granted when the SBA determines that small companies affected are unable to safe credit score elsewhere. The utmost mortgage quantity is $2 million.
The Grand Junction Small Enterprise Growth Heart is providing free counseling to assist distressed companies recuperate. Companies can e-mail email@example.com; or name 970-243-5242; or go to the SBDC workplace, 2591 Legacy Approach, Grand Junction, Monday by way of Friday from 8 a.m. to five p.m. In-person guests are urged to name first to make an appointment.