Sacramento, CA – The U. S. Small Business Administration’s (SBA) Colorado District Director Greg Lopez announced today that Colorado homeowners, renters, businesses of all sizes and private, nonprofit organizations whose property was damaged or destroyed by the wildfires, subsequent flooding and mudslides that occurred June 9 - July 11, 2012, in El Paso and Larimer Counties, have until Tuesday, October 9, 2012, to apply for low-interest, federal disaster loans.
“If you had damage to your home or business, you do not need to wait on an insurance settlement or a contractor’s estimate before applying for an SBA disaster loan,” said Lopez. “Filing an application before the deadline keeps open the possibility of SBA disaster assistance in case your insurance does not fully cover your losses.”
“Since SBA’s disaster declaration on August 7, SBA has approved more than $5.8 million in disaster loans for Colorado residents and business owners,” continued Lopez. The declaration covers the counties of El Paso and Larimer; the neighboring Colorado counties of Boulder, Crowley, Douglas, Elbert, Fremont, Grand, Jackson, Lincoln, Pueblo, Teller and Weld; and the neighboring Wyoming counties of Albany and Laramie.
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.
Businesses of any size and private, nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other business assets. SBA can also lend additional funds to homeowners and businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage. The deadline to return EIDL applications is May 7, 2013.
Interest rates can be as low as 1.938 percent for homeowners and renters, 3 percent for private, nonprofit organizations and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
SBA disaster loans help fund repairs or rebuilding efforts and help pay the cost of replacing lost or disaster-damaged or destroyed personal property. These disaster loans cover losses not fully compensated by insurance and do not duplicate benefits of other agencies or organizations.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955, e-mailing email@example.com or visiting SBA’s Web site at http://www.sba.gov/services/disasterassistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.
SBA Field Operations Center - West, P.O. Box 419004, Sacramento, CA 95841
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