COLORADO SPRINGS – Time is running out for some businesses in Southern Colorado to apply for loans to help recoup money lost from this year’s drought.
The U.S. Small Business Administration is offering loans to 13 Colorado counties. The low-interest rate loans are to offset economic losses because of reduced revenues caused by the drought that began on Jan. 23, 2018.
“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,” said Tanya Garfield, director, SBA.
Businesses primarily engaged in farming or ranching are not available for assistance.
Primary counties include: Bent, Custer, Huerfano and Prowers
Neighboring Colorado counties include: Alamosa, Baca, Costilla, Fremont, Kiowa, Las Animas, Otero, Pueblo and Saguache
Neighboring Kansas counties include: Greeley, Hamilton and Stanton
The loans can be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact.
The interest rate is 3.58 percent for businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
The deadline for applications is Nov. 29, 2018.
You can apply online at https://disasterloan.sba.gov/ela.
You can also call SBA’s Customer Service Center at (800) 659-2955 or sent an email to email@example.com.
Completed applications can be mailed to
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155