PUEBLO COUNTY, COLO. — The Small Business Administration will be offering low-interest loans to those impacted by the Aspen Acres fire this summer.
In the news release Thursday, the organization announced that low-interest federal disaster loans will be available. Loans will be available for Colorado businesses, private nonprofits, and even residents to help offset economic losses and physical damage that the fire caused.
The declaration will make loans available for those impacted in Crowley, Custer, El Paso, Fremont, Huerfano, Los Angeles, Lincoln, Otero, Pueblo, and Saguache counties.
Businesses and nonprofits will be able to apply for the physical disaster loans and may be able to borrow up to $2 million to replace machinery, equipment, inventory, or destroyed real estate as well as other business assets.
Homeowners and renters will be eligible to apply for personal property loans and may be able to borrow up to $100,000. Homeowners might be able to qualify for up to $500,000 to repair their primary residence.
The organization says interest rates will run as low as 4% for businesses, 3.625% for nonprofits, and 2.875% for homeowners and renters, with loan terms going up to 30 years. According to the SBA, loans will not accrue interest until 12 months after the first payment is disbursed.
Starting Monday, October 9, SBA representatives will be in Custer and Pueblo counties to answer questions for those interested in applying for a loan. Representatives with the disaster loan outreach program will be unavailable at the following centers.
CUSTER COUNTY
Disaster Loan Outreach Center
Wetmore, CO
Opens Monday, Oct. 19 at 9 a.m.
Monday – Friday, 9 a.m. – 6 p.m.
PUEBLO COUNTY
Disaster Loan Outreach Center
Pueblo County Government Services Center
Pueblo, CO
Opens Monday, Oct. 19 at 8 a.m.
Monday – Friday, 8 a.m. – 5:30 p.m.
To learn more about the SBA disaster assistance program, click here. To apply for a disaster assistance loan, click here.
Aspen Acres Fire has been burning since June 29 and is out over 100,000 acres. The fire was determined to have started after an Aspen tree fell onto power lines.
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