SBA’s Colorado Disaster Loans Pass $42 million

DENVER – October 25, 2013 – (RealEstateRama) — The U.S. Small Business Administration (SBA) has now approved more than $42 million in disaster loans to Colorado homeowners, renters, businesses of all sizes and private, nonprofit organizations.

Approved loan totals in some of the most impacted areas are currently over $27 million in Boulder County, $4.9 million in Larimer County and $6 million in Weld County.

The more than $42 million approved so far to survivors with losses from Colorado storms, flooding, landslides and mudslides breaks down this way:

• $37.5 million in loans to repair and rebuild homes
• $4.8 million in business and economic injury loans

Economic Injury Disaster Loans (EIDLs) are available to small businesses having difficulty meeting obligations as a result of the September severe weather and floods, as well as private nonprofits, even if property was not physically damaged.

Deferred Disaster Loan Payments

The first payment for a disaster loan is due on the fifth month from the date of the loan closing.

The deadline to apply for a SBA disaster loan is November 14, 2013 for physical damage and June 16, 2014 for Economic Injury Disaster Loans.

A simple and fast way to complete the application is online, using the SBA’s electronic loan application. Go to DisasterLoan.SBA.gov/ELA.

SBA customer service representatives are available to answer questions, explain the application process, help individuals and businesses apply for a low-interest disaster loan and close their approved disaster loans at all Colorado/FEMA disaster recovery centers and SBA business recovery centers and Disaster Loan Outreach Centers. To locate the nearest center & hours, visit sba.gov/disaster or call 800-659-2955 (TTY 800-877-8339).

Register with FEMA by phone, 800-621-3362, from 5 a.m. to 8 p.m., MDT, seven days a week.  Multilingual phone operators are available on the FEMA Helpline. Choose Option 2 for Spanish and Option 3 for other languages. People who have a speech disability or are deaf or hard of hearing may call (TTY) 800-462-7585; users of 711 or Video Relay Service can call 800-621-3362.

To find the nearest disaster recovery center, check out the DRC locator at FEMA.gov/disaster-recovery-centers. Register online:  DisasterAssistance.gov or by Web-enabled device, tablet or smartphone: type m.fema.gov in the browser.