SBA Opens Disaster Loan Outreach Center in Ridgeway and Business Recovery Centers in Lake City and Hinsdale

WASHINGTON - The U.S. Small Business Administration announced today the opening of Business Recovery Centers in the counties of Hinsdale and Lake, and a Disaster Loan Outreach Center in the county of Ouray to assist communities affected by the Elk Fire occurring July 9 - Oct. 1, the Willow Fire occurring June 28- Sept. 16, and wildfires, flooding, and mudslides occurring June 27 - July 29.

Beginning Tues., Nov. 3, SBA customer service representatives will be on hand at the BRCs in Lake City and Leadville, and on Mon., Nov. 9, SBA customer service representatives will be on hand at the DLOC in Ridgeway to answer questions and assist with the disaster loan application process. Walk-ins are welcome and in-person appointments can be scheduled in advance at appointment.sba.gov.

The centers' hours of operation are as follows:

HINSDALE COUNTY
Business Recovery Center
Hinsdale County Administration Building
319 N. Henson St.
Lake City, CO 81235

Opens Tuesday, Nov. 3 at 1 p.m.

Tuesday - Friday, 9 a.m. - 6 p.m.

Closes permanently Friday, Nov.6 at 6 p.m.

LAKE COUNTY
Business Recovery Center
Lake County Public Library
1115 Harrison Ave.
Leadville, CO 80464

Opens Tuesday, Nov. 3 at 1 p.m.

Monday - Friday, 9 a.m. - 6 p.m.

Closes permanently Tuesday, Nov. 10 at 6 p.m.

OURAY COUNTY
Disaster Loan Outreach Center
Ouray County Fairgrounds
22739 US-550
Ridgway, CO 81432

Opens Monday, Nov. 9 at 1 p.m.

Closed Wednesday, Nov. 11, in observation of Veterans Day

Monday - Friday, 9 a.m. - 6 p.m.

Closes permanently Monday, Nov. 16 at 6 p.m.

"When disasters strike, SBA's Disaster Loan Outreach Centers perform an important role by assisting small businesses and their communities," said Chris Stallings, Associate Administrator of the Office of Disaster Recovery at the U.S. Small Business Administration. "At these centers, our SBA specialists help business owners and residents apply for disaster loans and learn about the full range of programs available to support their recovery."

In Ouray County, businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Homeowners and renters in Ouray County are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

Applicants may be eligible for a loan increase of up to 20% of their verified physical damage, for mitigation purposes. Eligible mitigation improvements may include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.

The SBA's Economic Injury Disaster Loan program is available to small businesses, small agricultural cooperatives, and private nonprofit organizations - including faith-based organizations - with financial losses directly related to the Elk and Willow Fire disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster and are available even if the small business or private nonprofit did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills which could not be paid due to the disaster.

Interest rates are as low as 4% for businesses, 3.625% for nonprofits, and 2.875% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant's financial condition.

To apply online, visit sba.gov/disaster. Applicants may also call SBA's National Support Network Center at (866) SBA-HELP or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The deadline to return physical damage applications for Ouray County is Dec. 22. The deadline to return economic injury applications for all three declarations is July 23, 2027.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.