One Month Left to Apply for SBA Disaster Loans

Information submitted by the Small Business Administration public information officer.

Edward J. Cadena, Director of the U. S. Small Business Administration’s (SBA) Colorado District Office, today reminded small businesses of the February 16, 2015, deadline to apply for an SBA federal disaster loan for economic injury caused by the Red Mountain Pass Rockslide in Ouray County that occurred January 13 - June 12, 2014.

According to Cadena, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans (EIDLs) of up to $2 million to help meet working capital needs caused by the disaster. “EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. EIDL assistance is available regardless of whether the applicant suffered any property damage,” Cadena said.

These low-interest federal disaster loans are available in Gunnison, Hinsdale, Montrose, Ouray, San Juan and San Miguel counties in Colorado.

The interest rate is 4 percent for businesses and 2.625 percent for private nonprofit organizations 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 Web site at

For owners of these impacted small businesses, disaster loan information and application forms are also available from SBA’s Customer Service Center by calling toll-free at (800) 659-2955 or e-mailing Individuals who are deaf or hard‑of‑hearing may call(800) 877‑8339. For more information about SBA’s disaster assistance programs, visit