SBA loans available for Glenwood Canyon businesses impacted by mudslides, I-70 closure

Mudslides on I-70 through Glenwood Canyon (photo courtesy of Glenwood Springs Fire Department)

Posted: Sep 17, 2021 / 04:44 PM MDT

Updated: Sep 17, 2021 / 04:44 PM MDT

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DENVER (KDVR) — Some businesses can now apply for federal loans to offset the financial impacts of the summer’s disastrous floods and mudslides in Glenwood Canyon.

The Economic Injury Disaster loans will be available to businesses in the Glenwood Canyon-area counties that suffered bouts of severe flash flooding in recent months, along with the associated closures of Interstate 70.

The deadline to apply is June 16, 2022.

In a letter requesting federal assistance, Gov. Jared Polis’ office said the I-70 closure “resulted in loss revenues between 50% and 75% for hundreds of small-town businesses; and reduced outdoor recreation business due to the closure of Glenwood Canyon and resultant loss of access to portions of the Colorado River.”

The disaster followed 2020’s Grizzly Creek Fire, which burned a total of 32,631 acres in the area.

Which counties are eligible

Some businesses in counties for which the U.S. Small Business Administration awarded a disaster declaration are eligible to apply for the loans:

Garfield
Eagle
Mesa
Pitkin
Rio Blanco
Routt

Glenwood Canyon disaster loans

2.855% interest rate for small businesses
2% interest rate for private nonprofit organizations
Terms up to 30 years
May be used to pay fixed debts, payroll, accounts payable and other bills unpaid because of the disaster
Available to small businesses when SBA determines they can’t get credit elsewhere
Businesses could qualify for both an Economic Injury Disaster loan and a physical disaster loan with combined amounts of $2 million