A federal agency offers loans to small businesses in Colorado affected by the coronavirus outbreak.
The U.S. Small Business Administration announced the availability of economic injury disaster loans of up to $2 million in all 64 Colorado counties.
“Local small businesses are bearing the brunt of that impact and facing a severe decline in customer traffic. SBA’s top
priority is to assist businesses adversely impacted by the coronavirus, and our economic injury disaster loans can be the working capital lifelines they need to weather this difficult time,” said Dan Nordberg, the regional SBA administrator.
Frances Padilla, director of the SBA Colorado District Office, agreed. “We are all concerned about the pressures our small businesses are facing in light of the coronavirus outbreak. The SBA Colorado District Office stands ready to assist our small business owners by providing the assistance needed to confront this challenge,”
SBA economic injury disaster loans may be used for accounts payable, fixed debts and payroll as well as other expenses that can’t be paid because of the effects of the outbreak.
Loans are available to small businesses, private nonprofit organizations and small agricultural cooperatives and aquaculture enterprises. Eligibility is based on the financial effects of the coronavirus outbreak. The deadline to apply is Dec. 17.
The interest rate is 3.75 percent for small businesses and 2.75 percent for private, nonprofit organizations. SBA offers long-term repayments to reduce monthly payments — up to 30 years.
The availability of SBA disaster loans follows a request from Colorado Gov. Jared Polis.
SBA Administrator Jovita Carranza said the federal agency is committed to helping small businesses in Colorado. “We will be swift in our efforts to help these small businesses recover from the financial impacts of the coronavirus.”
In addition to the loans, Padilla said the SBA is working with other government entities, business groups and communities to address challenges. “I appreciate the tremendous support our agency is receiving from the state, our resource partners, local elected officials, chambers of commerce and community leaders. This collaboration will continue for as long as critical resources are necessary.”
To apply for or obtain more information about SBA economic injury disaster loans, log on to the website at http://disasterloan.sba.gov/ela, call the SBA Customer Service Center at (800) 659-2955 or send an email to firstname.lastname@example.org. Completed loan applications should be mailed to: U.S. Small Business Administration, Processing and Distribution Center, 14925 Kingsport Road, Fort Worth, TX 76155.