Federal loans of up to $2 million are available to small businesses that were impacted by the Glenwood Canyon mudslides over the summer.
Gov. Jared Polis said the federal loan request was accepted by the U.S. Small Business Administration last week. Small businesses in Garfield, Eagle, Mesa, Pitkin, Rio Blanco and Routt counties are eligible to apply for the loans.
“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," Polis said.
Interstate 70 through Glenwood Canyon was closed on July 29 after the roadway was buried in thousands of ton of debris, following weeks of sporadic closures and openings because of other mudslides.
Polis issued a disaster declaration and requested federal emergency aid to rebuild I-70, funds which were received the following day. The roadway reopened on Aug. 14, though it briefly reclosed multiple times after.
Eligibility for the Economic Injury Disaster Loans is based on the financial impact of the disaster. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid due to the disaster, officials said.
The loans have an interest rate of 2.855% for small businesses and 2% for nonprofits with terms up to 30 years. Businesses can apply for the loan, in addition to a physical disaster loan, with a combined amount of up to $2 million.
The deadline to apply for these funds is June 16, 2022.