Home New loan Small Business Loan Program Helping Open New Roads for Victims – CBS Denver

Small Business Loan Program Helping Open New Roads for Victims – CBS Denver

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SUPERIOR, Colorado (CBS4) – Hundreds of families and dozens of businesses are taking advantage of a federally-backed loan program that could help victims of the Marshall fire recover from the historic blaze faster than previously thought. Thanks to low-interest loans from the Small Business Administration, many fire victims are already bracing for a return to the burn scar.

With interest rates currently between 2.83% and 5.66%, many business owners in the Marshall Fire area are now eligible for federal assistance. Depending on their qualifications, some could receive tens of thousands of dollars for reconstruction or other financial implications caused by the fire.

(credit: CBS)

For Superior’s Fearless Motion Dance Center, securing such a loan could ensure young children the opportunity to return to their passion for dancing while the surrounding community heals from the blaze. The business, owned by Callie and Brianna Frey, is located in the center of the historic burn scar.

“We were evacuated from our building when the fire broke out. It was probably one of the scariest situations we have faced to date, ”Callie told CBS4’s Dillon Thomas. “When we evacuated, we thought our building was going to disappear. “

Several businesses and houses surrounding the dance studio were destroyed by the fire. Others, like Target and Costco, with whom they share a parking lot, were damaged by the fire.

However, when the Freys returned to check out their studio, they found the building still fully intact with no fire damage. However, it was still clearly filled with smoke and other sediment that was in the air during the fire.

“There was a feeling of relief, but immediately it went off” oh my God, how long are we going to be out of our building now? “” said Callie.

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Fortunately, for the dance studio, a deep clean can solve almost any fire problem. However, some materials inside the studio may need to be replaced due to toxins spread by ash and smoke.

After almost two years of barely surviving the impacts of the COVID-19 pandemic on small businesses, the Fearless Motion Dace Center relies on stable activity to stay afloat. Some clients have lost their homes. Because the studio was closed following the fire, the owners were unable to collect regular dues and more.

Due to the potential for financial pressure on their business, Callie and Brianna visited the Disaster Assistance Center in Lafayette to explore financial assistance possibilities. There they were able to meet with the SBA to apply for a low interest loan. The loan could help pay for the replacement of damaged items as well as the deep cleaning of the facility.

When CBS4 visited the dance studio, dozens of workers were inside cleaning the building. The ceiling tiles were removed and cleaned one by one.

“We clean our facility from top to bottom, making sure every crack and crevice is completely smoke free from our space,” Callie said.

The ability to hurry and thoroughly clean their facilities could go a long way in helping the business recover from the fire quickly.

(credit: CBS)

“We are focusing our efforts on helping businesses that have been affected by the Marshall fire. They can come and expedite their application process in person, ”said Rick Tillery, spokesperson for the SBA. “These are low-interest loans guaranteed by the federal government. They are there to help you get back on your feet.

More than 57 companies have already applied for loans through the SBA. 101 other families have applied for loans for their homes and more than $ 17 million has already been distributed.

“It’s nice to know we’re not alone going through this, and there are many different ways to get help and help when needed,” Callie said.

If you or someone you know is in need of a financial assistance loan due to the fire, you can visit the DAC in Lafayette during regular business hours seven days a week.