CITY OF OURAY: Loans available for businesses impacted by Red Mountain Pass closure

Plaindealer Staff Report
plaindealer@ouraynews.com

When rockslides shut down Red Mountain Pass for nearly a month in January, businesses in Ouray and Silverton received an economic blow. Now that the pass is temporarily closed again during the weeks of May, businesses fear another period of financial adversity.

 

In response to the economic damages that may ensue, the state is facilitating applications for low interest loans by businesses in Ouray who have been impacted by the closure of Highway 550. If the state determines that at least five businesses in the city are eligible for low interest loans offered by the Federal Small Business Association, the state will forward an application to the Small Business Association for review.

 

Businesses interested in applying for a low interest loan must complete the Loans Available for Business Impacted by Highway 550 Closure worksheet and submit forms to Ouray County Emergency Manager Glenn Boyd by noon on Wednesday, May 7. The worksheet is also available on cityofouray.com.

 

The SBA disaster loan program helps reduce federal disaster costs and makes recovery affordable. The economic injury disaster loan will provide necessary working capital until normal operations resume after a physical disaster. The SBA makes an economic injury disaster declaration when the governor certifies that at least five small businesses in a disaster area has suffered substantial economic injury as a result of a disaster and needs financial assistance not otherwise available on reasonable terms.

 

Despite an extremely short turn around, submissions must be made to the state by Wednesday afternoon in order to qualify for the loan program.

 

For more information, contact Glenn Boyd at 970-325-4670 or gboyd@ouraycountyco.gov.