Economic Development Update: SBA Disaster Loans Program

Dear Loveland Business Community,

We are happy to report that Colorado small businesses can now seek individual loans up to $2 Million dollars as part of the Small Business Administration’s Economic Injury Disaster Loan program.  Businesses can begin to apply online at  We encourage businesses seeking this particular relief program to apply as soon as they can.

SBA Economic Injury Disaster Loan Basics and Overview

  • This is a loan program for businesses with 500 or fewer employees.  Some business types ineligible (ie. Charitable, Gambling, Cannabis)
  • 3.75% interest and no fees to apply
  • Loans are meant for working capital only – not to pay off long term debt.  Paying down lines of credit are ok with these funds.
  • Loans can be up to $2 Million
  • Unsecured loans up to $25K, loans above that amount require collateral which will take a bit longer to process.
  • SBA predicts up to 3 weeks to be approved/denied and another 3 weeks to get funds.  Incomplete applications will not be accepted and/or delayed.
  • Businesses may re-apply for additional funding if they need more money while the program is open
  • Funds cannot be used to pay off previous disaster loans
  • Businesses will not qualify if they have low credit scores and/or if their personal or business statements reflect that credit may be available elsewhere.  They are trying to encourage businesses to use alternative credit facilities first that are available to them.

The following are links to paper documents that businesses should begin assembling to get ready to apply (this can be done electronically through the SBA website):

In a rapidly changing environment our office will err on getting information to you quickly, even though it may not be perfect.  We appreciate your patience and understanding as we try to support you the best way we know how.
Stay well,

Kelly Jones
Economic Development Director, City of Loveland