Colorado small businesses hurt by COVID-19 can now apply for individual small business loans up to $2 million.
Governor Jared Polis announced today that Colorado’s application for federal disaster area designation has been approved, and the loans are available through the Small Business Administration’s Economic Injury Disaster Loan program.
“The economic impact of COVID-19 has been felt across our state,” Polis said in a news release.
“We are committed to protecting public health and safety and will continue fighting to ensure the pain that Colorado’s small businesses are feeling is limited.
“This critical designation allows small businesses in all 64 Colorado counties to seek federal recovery loans that can help them through this challenging time. I thank the Colorado federal delegation for their efforts to help unlock this assistance.”
The SBA Disaster assistance provides low-interest federal loans for working capital to small businesses that have economic injury from COVID-19.
Small businesses, private nonprofits, small agricultural cooperatives and small aquaculture enterprises impacted by COVID-19 can seek federal loans to pay key needs such as fixed debts, payroll and accounts payable.
“Colorado’s Office of Economic Development and International Trade is committed to helping our small businesses access these vital funds,” Executive Director Betsy Markey said in the release. “Eligibility information, loan application links and emerging economic recovery resources can all be found at choosecolorado.com.”
“Local small businesses are bearing the brunt of that impact and facing a severe decline in customer traffic,” said SBA Regional Administrator Dan Nordberg. “SBA’s top priority is to assist businesses adversely impacted by COVID-19 and our Economic Injury Disaster Loans can be the working capital lifelines they need to weather this difficult time.”