Disaster loan deadline approaching for damage due to wildfires
The U.S. Small Business Administration is reminding businesses and residents of the April 26 deadline to apply for a federal disaster loan for property damage caused by wildfires last year.
Businesses of all sizes, most private nonprofit organizations, homeowners, and renters may apply for SBA federal disaster loans to repair or replace disaster-damaged property. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
These low-interest federal disaster loans are available in Grand, Boulder, Clear Creek, Eagle, Gilpin, Jackson, Larimer, Routt, and Summit counties.
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.
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 up to $40,000 to repair or replace damaged or destroyed personal property.
In addition, SBA is offering Economic Injury Disaster Loans to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size to help meet working capital needs caused by the disaster, regardless of whether the business suffered any property damage. The deadline to apply for an SBA economic injury disaster loan is Nov. 23.
Interest rates are as low as 3% for businesses, 2.75% for private nonprofit organizations and 1.19% 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 can apply online, receive additional disaster assistance information and download applications at disasterloanassistance.sba.gov.
Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email firstname.lastname@example.org. Individuals who are deaf or hard of hearing can call 800-877-8339.
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