Logan County will be one of three SBA Disaster Loan Outreach Centers opening to meet the needs of businesses and individuals who were affected by severe storms, flooding and tornadoes that occurred June 8-23, 2023, in eastern Colorado.
Director Jeffrey Lusk of the U.S. Small Business Administration’s Disaster Field Operations Center-West said Disaster Loan Outreach Centers will be open in Sterling, Kiowa and Hugo.
“SBA customer service representatives will be on hand at (these) centers to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application,” Lusk said. “The centers will be open on the days and times indicated and no appointment is necessary.”
The Sterling Outreach Center will be in the Commissioner’s Chamber of the Logan County Courthouse, 315 Main St. from Nov. 14 through Nov. 18. The center will open at 9 a.m., Tuesday, Nov. 14, with the following schedule:
- Tuesday, 9 a.m. – 6 p.m.
- Wednesday, 11 a.m. – 6 p.m.
- Thursday, 1 p.m. – 6 p.m.
- Friday, 9 a.m. – 6 p.m.
- Saturday, 9 a.m. – 2 p.m.
The SBA Virtual Disaster Loan Outreach Center will provide personalized assistance to business owners, homeowners and renters. SBA customer service representatives will be available to business owners and individuals to answer questions about SBA’s disaster loan program, explain the application process and help each person complete their electronic loan application.
According to Lusk, businesses of any size 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. These loans cover losses that are not fully covered by insurance or other recoveries.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest rates can be as low as 4 percent for businesses, 2.375 percent for private nonprofit organizations and 2.5 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.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
Applicants may apply online, receive additional disaster assistance information and download applications at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659‑2955 or email email@example.com 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. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155.
The deadline to apply for property damage is Dec. 26, 2023. The deadline to apply for economic injury is July 25, 2024.