Small Business Administration grants Colorado’s request for emergency loans

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DENVER — Gov. Jared Polis’ request to the U.S. Small Business Administration Tuesday requesting a disaster declaration from the spread of the COVID-19 virus would make small businesses across the entire state eligible for emergency loans.

The declaration makes low-interest emergency loans of up to $2 million for small to medium-sized businesses and nonprofits be made available within every county in the state.

Gov. Jared Polis requested the declaration in a letter Tuesday. Businesses in all 64 Colorado counties are eligible to apply.

The SBA emergency loans are designed to support small and medium-sized businesses during times of acute economic hardship, particularly if they do not have access to private-sector credit. President Donald Trump moved $50 billion to the SBA last week in an effort to keep small business with limited access to private sector credit afloat. 

Ten other states have already received disaster declarations from the SBA.

To apply for an emergency loan, click here. 

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