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Small businesses in the region’s counties are potentially eligible for special federal loans from the Small Business Administration to deal with the impacts of this year’s debris flow in Glenwood Canyon and the resulting closures of Interstate 70.
Colorado Governor Jared Polis’s office said on Friday that the SBA had granted a declaration of disaster in Garfield, Eagle, Mesa, Pitkin, Rio Blanco and Routt counties following flooding and mudslides that have closed the freeway and also affected access to Colorado. River in the canyon.
The highway through the canyon has suffered several closures this summer due to flooding or the threat of flooding in areas burned in the Grizzly Creek fire last summer.
Major flooding and the resulting damage in late July ultimately closed the road for more than two weeks, the longest I-70 closure ever in the canyon.
On September 10, Polis wrote to an SBA official requesting a statement that would allow assistance through the SBA’s economic disaster loans, citing in part “the economic impacts due to the loss of visitors and associated sales. associated with the closure of Highway 70 “.
“The closure resulted in lost revenue of between 50% and 75% for hundreds of small town businesses; and the reduction in outdoor recreation activities due to the closure of Glenwood Canyon and the resulting loss of access to parts of the Colorado River, ”Polis wrote.
The closure not only affected Garfield County, but had more regional business impacts due to the closure of a major east-west transportation artery used for shipping goods, commuting and commuting. workers and access to the region by tourists.
Eligibility for SBA loans for economic damage is based solely on the financial impact of the disaster and not on property damage.
However, a business may qualify for both an economic disaster loan and a physical disaster loan, with a maximum combined loan amount of $ 2 million, according to the press release from the governor’s office. .
The Economic Damage Loan is only available to small businesses when it is determined that they cannot get credit elsewhere.
The loans have an interest rate of 2.855% for small businesses and 2% for private non-profit organizations with terms of up to 30 years.
They can be used to pay fixed debts, salaries, accounts payable, and other bills that cannot be paid due to the disaster.
The deadline to apply for funds through the SBA disaster designation is June 16, 2022.
Applicants can apply online, receive additional information about disaster assistance, and download applications from the SBA website, www.sba.gov.
For more information, contact the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339) or [email protected].
Polis previously issued his own mudslide disaster declarations and requested emergency federal assistance to rebuild I-70, with some funding being given a day after his request.
“We have taken immediate action to help Colorado residents affected by the Glenwood Canyon closures, and this additional funding will provide continued support to small businesses affected by this devastating disaster,” he said in the press release. from last week. “I thank our federal partners for responding to our request to help us better rebuild our roads and for their work in bringing significant relief to our small businesses.”
According to the press release, the Grand Junction Small Business Development Center offers free, personalized advice to help affected businesses recover.
Companies can contact the center by email [email protected], by calling 970-243-5242 or by visiting the SBDC office at 2591 Legacy Way, Grand Junction, 8 a.m. to 5 p.m., Monday to Friday.
Visitors are encouraged to call first for an appointment.
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