Applications will be accepted through April 25, 2024 for federal disaster loans offering low-interest financing to small businesses affected by a road closure in Western Colorado.

A sinkhole and subsequent damage closed Colorado Highway 133 between Paonia and Somerset from May 2 to June 19.

The U.S. Small Business Administration declared a disaster primarily for Delta and Garfield counties.

But the declaration also makes assistance available in Chaffee, Eagle, Hindsdale, Gunnison, Mesa, Montrose, Ouray, Pitkin, Rio Blanco, Routt and Saguache counties in Colorado as well as Grand and Uintah counties in Utah.

“Small nonfarm businesses, small agricultural cooperatives, small business engaged in aquaculture and most private nonprofit organizations of any size may qualify for economic injury disaster loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said Tanya Garfield, director of the SBA disaster field operations center in the west.

“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact,” Garfield said. “Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they’re experiencing.”

Eligibility is based on the financial effects of the disaster. Loans offer terms of up to 30 years with an interest rate of 4 percent for small businesses and 2.375 percent for private nonprofit organizations.

More information is available from the Small Business Development Center located at 145 S. Cascade Ave. in Montrose or by contacting Nancy Murphy at (970) 765-3130 or nancy@region10.net. Information and applications are available online by logging on to https://disasterloanassistance.sba.gov. Applicants also may call the SBA customer service center at (800) 659-2955.