DENVER ~ The U.S. Small Business Administration has approved Colorado's request for disaster assistance following the Elk, Willow and Gold Mountain fires, Gov. Jared Polis announced. The approvals cover economic injury loans for eligible businesses and nonprofits in affected counties, with additional property-repair assistance available in Ouray County.

The SBA approved assistance based on the damage and impacts of each fire. The approvals are in addition to aid previously approved for impacts from the Aspen Acres Fire, according to the governor's announcement.

Eligible small businesses and private nonprofits in counties affected by the Willow and Elk fires may apply for Economic Injury Disaster Loans, which can provide working capital during recovery even if a business sustained no physical damage. Loans of up to $2 million are available, with interest rates as low as 4% for businesses and 3.625% for private nonprofits and repayment terms of up to 30 years. The SBA determines eligibility and loan terms based on each applicant's financial condition.

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For the Willow Fire, eligible applicants are in Chaffee, Eagle, Lake, Park, Pitkin and Summit counties. For the Elk Fire, they are in Archuleta, Gunnison, Hinsdale, La Plata, Mineral, Ouray, Saguache and San Juan counties. The deadline to submit economic injury applications for all three declarations is July 23, 2027.

In Ouray County, businesses, nonprofits, homeowners and renters may also seek physical disaster loans for damage from the Gold Mountain Fire and related flooding and mudslides. Homeowners may borrow up to $500,000 to repair or replace a damaged primary residence. Homeowners and renters may qualify for up to $100,000 to replace damaged personal property, while eligible businesses and nonprofits may receive up to $2 million for damaged property, equipment and inventory. Qualified rental properties may also be eligible.

The SBA may provide additional loan funds for mitigation improvements to protect property from future damage. The deadline to apply for physical damage assistance, including mitigation, is Dec. 22, 2026. Applications for both types of assistance are available at sba.gov/disaster.

Polis said the loans would help businesses meet expenses and allow residents and businesses in Ouray County to begin repairs. Hinsdale County Commissioner Kristie Borchers said the economic assistance could help address revenue losses, preserve jobs and support local businesses as the county recovers.

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