EL PASO COUNTY, Colo. — The United States Small Business Administration (SBA) has disaster loans available for property and business owners in Colorado following severe storms in June.
The record rain in June of 2023 brought an estimated $19.5 worth of damages damages in El Paso County, moving county commissioners to file an emergency disaster declaration in the days following the flooding.
According to the SBA, Colorado residents and business owners have until the end of the day on Tuesday, Dec. 26 to apply for disaster assistance for property damages. The deadline to apply for any loans due to economic injuries incurred by the storms is July 25, 2024.
Low-interest loans up to $2 million are available for businesses to repair or replace real estate, machinery and equipment, inventory and other business assets. For homeowners, loans up to $500,000 are available to help repair or replace damaged or destroyed homes. The SBA says that up to $100,000 can be used to replace or repair personal property which includes vehicles.
When it comes to interest rates, the SBA says rates can be as low as 4% for businesses, 2.375% for private nonprofit organizations, and 2.5% for homeowners and renters with terms going up to 30 years.
The SBA is offering these loans to businesses and homeowners of El Paso, Elbert, Lincoln and Logan counties where flooding was more severe than in other parts of the state.
If you qualify and need disaster assistance you can apply here.