The U.S. Small Business Administration announced this week that Small nonfarm businesses in 36 Colorado counties and neighboring counties in Kansas, Nebraska, New Mexico, Oklahoma, and Wyoming are now eligible to apply for low‑interest federal disaster loans. These loans offset economic losses because of reduced revenues caused by drought in the following primary counties that began Nov. 1, 2022.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” according to the SBA.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 3.305 percent for businesses and 2.375 percent for private nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship.
Counties in the SCEDD region affected by the announcement include Baca, Bent, Crowley, Fremont, Kiowa, Las Animas, Otero, Prowers, Pueblo, Chaffee, Custer, and Huerfano.
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. The deadline to apply for economic injury is Nov. 17, 2023.