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Recovery loans available for small businesses affected by the Glenwood Canyon disaster

Businesses affected by natural disasters and subsequent closures of Interstate 70 through Glenwood Canyon are eligible to apply for disaster relief loans.

Governor Jared Polis, the Colorado Bureau of Economic Development and International Trade, and the Division of Homeland Security and Emergency Preparedness announced the loans Friday in a press release.

The governor’s August 3 declaration of disaster for the region prompted the availability of loans through the United States Small Business Administration’s (SBA) Economic Disaster Lending Program (EIDL).

“The closure resulted in a loss (of) revenue of between 50% and 75% for hundreds of businesses in small towns; 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 said in a September 10 letter to the SBA.

The loans are intended for businesses in Garfield, Eagle, Mesa, Pitkin, Rio Blanco and Routt counties that have suffered from flooding, mudslides, landslides and summer traffic closures in Glenwood Canyon.

“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. 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, ”Polis said in Friday’s press release.

Eligibility is based solely on the financial impact of the disaster, not actual property damage, the statement said. 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. The loans can be used to pay off fixed debts, payroll, accounts payable, and other unpaid bills due to the disaster. Loans will be made when the SBA determines that the affected small businesses are unable to obtain credit elsewhere. The maximum loan amount is $ 2 million.

The Grand Junction Small Business Development Center offers free advice to help struggling businesses recover. Companies can send an email to [email protected]; or call 970-243-5242; or visit the SBDC office, 2591 Legacy Way, Grand Junction, Monday to Friday, 8 a.m. to 5 p.m. In-person visitors are asked to call first to make an appointment.

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