SBA Reminds Colorado Wildfire and Flood Survivors Disaster Loans Remain Open: Physical Damage Deadline Is Dec. 14 Across 10 Counties
The U.S. Small Business Administration (SBA) reminded eligible businesses, private nonprofit organizations and residents in Colorado on Nov. 13 that low-interest federal disaster loans remain available to offset physical damage caused by wildfires, flooding and mudslides that occurred between June 27 and July 29.
The declaration covers 10 Colorado counties: Crowley, Custer, El Paso, Fremont, Huerfano, Las Animas, Lincoln, Otero, Pueblo and Saguache.
Businesses and nonprofits may borrow up to $2 million in physical disaster loans to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets. Homeowners and renters may borrow up to $100,000 to replace or repair personal property such as clothing, furniture, cars and appliances, and homeowners may borrow up to $500,000 to replace or repair their primary residence.
Applicants may also be eligible for a loan increase of up to 20 percent of their physical damage, as verified by SBA, for mitigation purposes, including strengthening structures against fire damage, upgrading to wind-rated garage doors and installing a safe room or storm shelter. Chris Stallings, associate administrator of SBA's Office of Disaster Recovery, said a distinct advantage of the program is the opportunity to fund upgrades that reduce the risk of future damage.
SBA's Economic Injury Disaster Loan program is available to eligible small businesses, small agricultural cooperatives and private nonprofits, including faith-based organizations, hit by financial losses directly related to the disaster. SBA cannot provide disaster loans to agricultural producers, farmers or ranchers, except for aquaculture enterprises.
Loans run up to $2 million, with interest rates as low as 4 percent for businesses, 3.625 percent for private nonprofits and 2.875 percent for homeowners and renters, and terms of up to 30 years. Interest does not accrue and payments are not due until 12 months from the first disbursement. SBA sets eligibility, amounts and terms based on each applicant's financial condition.
The filing deadline for physical damage applications is Dec. 14, followed by a 60-day grace period in which SBA will still accept applications. The deadline for economic injury applications is July 14, 2027. Applications can be filed online through SBA's disaster loan site.
(Source: U.S. Small Business Administration)
Source: U.S. Small Business Administration
Published by GSM · USA (original Chinese edition)
Photo: 图：美国小企业局局长 Kelly Loeffler 官方肖像（GSM联邦固定图库）。 / Photo: SBA Administrator Kelly Loeffler, official portrait (GSM federal asset library).
