Disaster loan deadline approaching for forest fire damage
The US Small Business Administration is reminding businesses and residents of the April 26 deadline to apply for a federal disaster loan for property damage caused by wildfires last year.
Businesses of all sizes, most private nonprofits, landlords and tenants can apply for federal disaster loans from the SBA to repair or replace property damaged by a disaster. SBA may also lend additional funds to help cover the cost of improvements to protect, prevent, or minimize the same type of damage from a disaster in the future.
These low interest federal disaster loans are available in Grand, Boulder, Clear Creek, Eagle, Gilpin, Jackson, Larimer, Routt and Summit counties.
Businesses of all sizes and private non-profit organizations can borrow up to $ 2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other commercial assets.
Disaster loans of up to $ 200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and tenants are entitled to up to $ 40,000 to repair or replace damaged or destroyed personal property.
In addition, the SBA provides economic disaster loans to small businesses, small agricultural cooperatives, small aquaculture businesses, and most private non-profit organizations of any size to help meet working capital needs. caused by the disaster, whether or not the business was damaged. shame. The deadline to apply for an SBA economic disaster loan is November 23.
Interest rates are as low as 3% for businesses, 2.75% for private nonprofits, and 1.19% for landlords and tenants with terms of up to 30 years. The amounts and terms of the loan are set by the SBA and are based on the financial status of each applicant.
Applicants can apply online, receive additional information about disaster assistance, and download applications at disastreloanassistance.sba.gov.
Applicants can also call the SBA Customer Service Center at 800-659-2955 or email [email protected]. People who are deaf or hard of hearing can call 800-877-8339.