DENVER — It has been called the most expensive hailstorm in Colorado’s history. Insurance losses are estimated to reach more than $1.4 billion from the hailstorm that swept the metro area on May 8.
The most expensive hailstorm before then was the $1.1 billion storm of July 11, 1990.
Now that Gov. John Hickenlooper has declared the hailstorm a disaster, the U.S. Small Business Administration is able to offer low-interest federal disaster loans to businesses and residents affected in the Denver metro area.
Such assistance will be available in Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Douglas, Gilpin, Jefferson, Park and Teller counties.
Business owners and private nonprofit organizations can borrow up to $2 million. The money can be used to repair or replace real estate that was destroyed, as well as machinery, inventory and other business assets.
The SBA will also lend additional funds to help with improvements that will help protect, prevent or minimize the same sort of damage in the future.
Loans up to $200,000 will also be made available to homeowners who need to repair or replace damaged real estate.
Also, up to $40,000 loans for eligible homeowners and renters who need to repair or replace personal property are available.
Businesses can expect interest rates as low as 3.215 percent. That will drop for private nonprofit organizations to 2.5 percent.
Homeowners and renters will see the lowest interest rates of 1.938 percent, with terms up to 30 years.
The loan amounts and terms will be set by the SBA and based on each applicant’s financial condition.
The deadline to return applications for property damage is Aug. 29.
Applications are being accepted online, by phone at 800-659-2955 or email. Individuals who are deaf or hard of hearing can call 800-877-8339.
In-person applications are accepted at the Jefferson County Courts and Administration Building (100 Jefferson County Parkway in Golden) from 8:30 a.m. to 5:30 p.m. Monday to Friday beginning Wednesday.