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Free money for businesses affected by September’s Floods

Saturday, May 03, 2014

If your business was recently affected by the floods last year, then you may be qualified for a grant by the Small Business Administration. So the question is how do I sign up? There are a few steps that you need to take in order to qualify. Before we jump into how to apply let’s talk eligibility. 

  • Your business must be located within a declared disaster area. Not sure if you are in this area? Click here to find a list of the declared areas.
  • You must meet the definition of Small Business as defined by the SBA at 13 CFR Part 121. View SBA Small Business Standards.
  • Your business is in good standing with the Colorado Secretary of State.
  • You must have at least $10,000 in uncompensated economic loss after applying to insurance company and to the Small Business Administration for disaster recovery physical damage and/or Economic Injury Disaster Loans (EIDL).
  • Economic loss could come in the form of reduced revenues, damaged or destroyed equipment or inventory or other loss factors. 
  • You must have been in existence and had indications of profitability before the flood.
  • You must have at least $25,000 in projected annualized revenue but less than $1 million in liquid assets.
  • Grants will be reimbursement-based but the proceeds can be used for any legitimate business expense except deconstruction or reconstruction. 
  • Additional requirements may apply. 
If you are interested in applying for these funds the application period for round one will last for 45 days. You can submit an application to the centralized location per instructions on the Dola website or on the Colorado SBDC website to get help in compiling additional information require for your application per the checklist

Submit all the required information to the SBDC for review within three weeks of the end of the application period or you will lose your priority in the distribution line. The funds are first come first serve. The SBDC will help you submit this information on to a centralized review location. Click here to register as an SBDC client and schedule an appointment.

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