One Month Left To Apply For SBA Disaster Physical Damage Loans

News Release shared on behalf of SBA.

 

District Director Frances Padilla of the U.S. Small Business Administration’s Colorado District Office today reminded businesses and residents of the Aug. 29, 2017, deadline to apply for an SBA federal disaster loan for property damage caused by the hailstorm in Jefferson County that occurred May 8, 2017.

According to Padilla, businesses of all sizes, most private nonprofit organizations, homeowners and renters may apply for SBA federal disaster loans to repair or replace disaster-damaged property. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

These low-interest federal disaster loans are available in Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Gilpin, Jefferson, Park and Teller counties.

Businesses of all sizes 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.

In addition, SBA offers Economic Injury Disaster Loans to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline to apply for an SBA economic injury disaster loan is March 30, 2018.

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.

Interest rates can be as low as 3.215 percent for businesses, 2.5 percent for private nonprofit organizations and 1.938 percent for homeowners and renters 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, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

Straight Line Winds and Hail: Colorado Severe Weather Awareness Week

Strong straight line winds and large hail are major weather threats in Colorado.

During this Severe Weather Awareness week in Colorado remember that threats from thunderstorms include tornados, straight line winds, hail, flooding and lightning.

Tornadoes are often the headline story, but damaging straight line winds can also injure and kill animals and humans. These winds are usually caused by an area of air within a storm which is quickly cooled by precipitation or the evaporation of precipitation.

This area of cooled air which is heavier than the surrounding air accelerates downward. As the cool air slams into the ground it spreads out from the area of impact. This process, in extreme cases, in result in wind speeds exceeding 100 MPH. Weather forecasters call these winds microbursts if they are less than 2.5 miles across and macrobursts if they are greater than 2.5 miles across.

These downbursts of cool air can be life threatening to pilots and can cause extensive damage, injuries and deaths at ground level. Try to get indoors during all storms because high winds can suddenly develop causing things on the ground to become swiftly moving missiles that can injure or kill.

Hail often occurs in Colorado. Hail forms within storms as liquid water and freezes in the cold mid and upper levels of the storms. The hailstones are kept aloft by strong updraft winds for a time and then cascade to the ground. In Colorado hailstones vary from pea size around 3/8 of an inch in diameter to softball size around 4 1/2 inches in diameter.

Hailstones can do tremendous damage to crops either as large hailstones or as a large volume of small hailstones that accumulate to a depth of several inches. Large hail damages vehicles and buildings and can be life threatening to animals and people.

The National Weather Service issues severe thunderstorm warnings for winds of 58 MPH or higher or for large hail one inch in diameter or larger. When you hear about a severe thunderstorm warning move to shelter.

When thunderstorms threaten you this severe weather season tune to NOAA all hazards weather radio. Wherever you are during threatening weather plan out the actions you would take if severe weather were to strike.

Guest blog written by Tom Magnuson, Warning Coordination Meteorologist, National Weather Service, Pueblo, Colorado.