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Residents and businesses in Larimer County affected by the Sept. 6 – November 5th wildfires can now apply for low-interest federal disaster loans from the Small Business Administration.

The loans are available through the Small Business Administration [SBA] by declaring the fires a disaster, and the SBA making assistance available in Larimer County. 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. The deadline to apply for property damage is April 26, 2021. The deadline to apply for economic injury is November 23, 2021.

Interest rates can be as low as 3% for businesses, 2.75% for private nonprofit organizations, and 1.188% for homeowners and renters with terms up to 30 years. The loan amounts and terms are set by the SBA and based on each applicant’s financial condition.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are also eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

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 to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

The SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same disaster from happening in the future. “The low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, including homeowners and renters whose property was damaged by the disaster,” said SBA’s Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West.

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

Because of health concerns from COVID-19, starting Feb. 25, 2021, the SBA will open a Virtual Business Recovery Center to give personal assistance to business owners. SBA will also open a Virtual Disaster Loan Outreach Center to help homeowners and renters. Customer Service Representatives will be available to answer questions about the SBA disaster loan program, explain the application process, and help individuals complete their electronic loan application.

The Virtual Business Recovery Center and Virtual Disaster Loan Outreach Center hours:

Monday - Friday, 8 a.m. - 8 p.m. [Eastern Time].

For assistance, call 1-800-659-2955, or email the SBA at FOCWAssistance@sba.gov.

Applicants may apply online, receive additional disaster assistance information, and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

Published on: 
Tuesday, March 2, 2021 - 11:08am
Contact Details:

Adam Crowe, Economic Development Mgr., Larimer Couny Economic and Workforce Development, 970-498-6641, acrowe@larimer.org. 

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