Polis Administration Secures Federal Funding for Small Businesses Impacted by Glenwood Canyon Mudslides
DENVER - Governor Polis, the Colorado Office of Economic Development and International Trade, and the Division of Homeland Security and Emergency Preparedness announced that the U.S. Small Business Administration (SBA) has responded to the request made by Governor Polis and awarded a disaster declaration in Garfield, Eagle, Mesa, Pitkin, Rio Blanco, and Routt counties as a result of flooding, mudslides, rockslides and associated closures of Glenwood Canyon. Businesses in these counties are eligible to apply for loans through the Economic Injury Disaster Loan (EIDL) program to offset the cost of this disaster on their business.
“We took action immediately to help Coloradans impacted by the Glenwood Canyon closures and this additional funding will provide continued support to the small businesses affected by this devastating disaster. I thank our federal partners for fulfilling our request to help us build our roads back better and for their work to provide important relief to our small businesses,” said Governor Polis.
Governor Polis issued disaster declarations for the Glenwood Canyon mudslides and requested federal emergency aid to rebuild the infrastructure of I-70, receiving funds one day after the initial administration request. Thanks to the hard work of the Colorado Department of Transportation, the state was able to re-open Glenwood Canyon ahead of schedule, Governor Polis announced.
Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 2.855 percent for small businesses and 2 percent for private nonprofit organizations with terms up to 30 years. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid due to the disaster.
EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere. A business may qualify for both an EIDL and a physical disaster loan. The maximum combined loan amount is $2 million.
The Grand Junction Small Business Development Center is offering free, personalized counseling to help affected businesses in their recovery. Businesses may contact the center by emailing frontdesk@gjincubator.org, by calling (970) 243-5242, or by visiting the SBDC office at 2591 Legacy Way, Grand Junction, CO 81503, Monday through Friday from 8 a.m. to 5 p.m. Visitors are encouraged to call first for an appointment. Businesses may also contact the Northwest Small Business Development Center at info@northwestsbdc.org.
Applicants may apply online, receive additional disaster assistance information and download applications on the SBA website. For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.
The deadline to apply for these funds through this disaster designation is June 16, 2022.