SBA Approves Federal Loans for Small Businesses in Colorado

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GRAND JUNCTION, Colo. – The United States Small Business Association approved Colorado’s request for disaster aid Thursday.

Loans up to two million dollars are now available for Colorado businesses with less than 500 employees.

These loans are low interest and could take just three weeks to process, according to Senator Ray Scott (R) from Colorado’s District 7.

KREX 5’s Shelby Bracho sat down with Senator Scott and Main Street business owner Gregg Palmer.

Gregg said, “Cash flow is definitely a problem for, I think every retailer right now, we didn’t see this coming, nobody can prepare for it.”

Governor Polis’s request for a statewide disaster declaration was approved by the U.S. Small Business Association, providing Colorado access to the $8.3 billion spending package for COVID-19 relief passed by Congress.

Senator Scott said, “We had to get that approved for the state of Colorado for 64 counties and that was accomplished [Thursday] and any small business feeling the effects from the virus, they can certainly get them online and apply for that right now.”

A resource available to small businesses in need during this crisis.

Gregg said, “Small businesses pride themselves on being independent, we’re an independent business and we’d like to not have to avail ourselves of those resources if we can avoid it, but there’s so much outside of our hands that we just don’t know.”

Some small businesses and non-profits are not eligible for these loans, those include the religion, gambling, casino, racetrack and cannabis industries.

For the businesses that do qualify, Senator Scott said the process is designed to be quick, “A lot of things will be waived and the speed will be the most important thing for businesses needing to make payroll and get things done, that they need to get done immediately.”

Senator Scott recommends businesses owners in Mesa County apply online as soon as possible.

Gregg said he’s grateful for the option, “it’s a nice tool that’s out there, I’m grateful for it, there’s been a lot of recognition for all the businesses that’ve had to shut down so far, how do we help them, it’s great to see the community pull together in that way, it’s just there are so many unknowns at this point.”

Any small business owners looking to apply for a loan, click here to visit the Colorado Division of the SBA website, call SBA’s customer service center at (800) 659-2955, or email disastercustomerservice@sba.gov.

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