SBA Opens Disaster Loan Outreach Center
This morning at 9:00, the U.S. Small Business Administration (SBA) opened an outreach center in Mountain Shadows. Under its own authority, the SBA declared the Waldo Canyon Fire a disaster and is offering low-interest federal disaster loans to the following for properties that were damaged or destroyed by the wildfires, or subsequent flooding and mudslides:
- Businesses of all sizes
- Private, nonprofit organizations
SBA customer service representatives will be at the Disaster Loan Outreach Center to meet with each disaster victim. They will be available to:
- Issue loan applications
- Answer questions about SBA's disaster loan program
- Explain the application process
- Help each individual complete their application
SBA Disaster Loan Outreach Center
(Inside the Colorado Springs Together resource center)
6840 Centennial Boulevard, Suite A
Colorado Springs, CO 80919
Monday–Friday: 9:00 a.m. – 6:00 p.m.
No appointment is necessary.
According to the SBA:
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses of any size and private, nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to homeowners and businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.
Interest rates can be as low as 1.938 percent for homeowners and renters, 3 percent for private, nonprofit organizations and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant's financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.
The filing deadline to return applications for property damage is October 9, 2012. The deadline to return economic injury applications is May 7, 2013.
For more detailed information from SBA about Waldo Canyon Fire Federal Disaster Loans, download this PDF.
Colorado Springs Together is an independent 501(c)(3) Non-Profit
Colorado Springs Together is a community-driven volunteer effort, and is an independent 501(c)(3) non-profit organization. The team members are distinguished citizens and business professionals in the community facilitating and coordinating a quick and effective rebuilding process for the neighborhoods devastated on June 26th by the fire. The donations received will go towards the activities required to help restore the lives and the neighborhoods affected by the fire at the same time maintaining a strong sense of community during the rebuilding process.