Disaster assistance loans available to help businesses and residents of Larimer County affected by wildfires

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Residents and businesses in Larimer County affected by the fires from Sunday, September 6 through Thursday, November 5 can now apply for low-interest federal loans from the BridgePayday

Loans are available through the Small Business Administration (SBA) declaring fire areas a disaster and the SBA making assistance available in Larimer County. Businesses of all sizes and private non-profit organizations can borrow up to $ 2 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory and other business assets.

“Federal Disaster Low Interest Loans are available to businesses of all sizes, most private non-profit organizations, including homeowners and tenants whose property has been damaged by the disaster.” said SBA director Tanya N. Garfield of the US Small Business Administration’s disaster field operations. Midwest.

Interest rates can be as low as 3% for businesses, 2.75% for private nonprofits, and 1.188% for homeowners and tenants with terms of up to 30 years. The deadline to make a claim for property damage is Monday April 26, and the deadline to submit a claim for economic damage is Tuesday, November 23.

Disaster loans of up to $ 200,000 are available to homeowners to repair or replace damaged or destroyed real estate. In contrast, homeowners and tenants are entitled to up to $ 40,000 to repair or replace damaged or destroyed personal property. The SBA provides economic injury disaster loans to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations of all sizes to help meet the needs of working capital caused by the disaster.

Assistance in the event of economic damage is available whether or not the business has suffered property damage. The SBA may also lend additional funds to businesses and homeowners to help cover the cost of improvements to protect, prevent, or minimize the same disaster in the future. The SBA opened a virtual business recovery center on Thursday, February 25, due to health concerns related to COVID-19 to provide personal assistance to business owners.

“The SBA is firmly committed to providing Colorado with the most effective, customer-focused response possible, and we will be there to provide access to federal disaster loans to help fund business recovery and recovery. residents affected by the disaster, ”said the SBA interim administrator. Tami Perriello. “Getting our businesses and communities up and running after a disaster is the top priority for the SBA,” Tami said.

SBA will also open a virtual disaster loan awareness center to assist homeowners and tenants. Customer service representatives will be available to answer questions regarding the SBA Disaster Loan Program, explain the application process, and assist individuals with completing their electronic loan applications.

The Virtual Disaster Recovery Center and Virtual Disaster Loan Awareness Center hours of operation are Monday to Friday 8:00 a.m. to 8:00 p.m. EST.

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