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Small Business Loan Program Helping Pave New Roads For Victims – CBS Denver

Small Business Loan Program Helping Pave New Roads For Victims – CBS Denver
Written by Publishing Team

Superior, Colo. (CBS4) – Hundreds of families and dozens of businesses are benefiting from a federally backed loan program that may help Marshall Fire victims recover from the historic fire faster than previously thought. Thanks to low-interest loans from the Small Business Administration, many fire victims are already preparing to return to their burn scar.

With interest rates currently between 2.83% and 5.66%, many business owners in the Marshall Fire District are now eligible for federal assistance. Depending on qualifications, some may receive tens of thousands of dollars for rebuilding or other financial implications from the fire.

(credit: CBS)

For the Fearless Motion Dance Center in Superior, obtaining such a loan can ensure that young children can still return to their passion for dancing while the surrounding community recovers from the fire. The work, owned by Callie and Brianna Frey, is located at the center of a historic burn scar.

We were evacuated from the building when the fire broke out. It was probably one of the most frightening situations we’ve encountered so far,” said CBS4’s Callie Dillon Thomas. “When we evacuated the building we thought our building would disappear.”

The fire destroyed many shops and homes surrounding the dance studio. Others, like Target and Costco, who share a parking lot, have been damaged by the fire.

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

“There was a sense of relief,” said Callie, “but immediately jumped out to ‘Oh my God, how long are we going to be out of the building now?’” “

RELATED: Coloradans can now drop donations to fire victims

Fortunately, for a dance studio, a deep cleaning can address almost all problems caused by fire. However, some materials may need to be replaced inside the studio due to the spread of toxins by ash and smoke.

After nearly two years of barely surviving the effects of the COVID-19 pandemic on small businesses, Fearless Motion Dace is counting on steady business to stay afloat. Some customers lost their homes. Due to the closure of the studio in the aftermath of the fire, the owners were unable to collect the normal dues and more.

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

When CBS4 visited the dance studio, dozens of workers were inside the building 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 has completely cleared smoke from our space,” Kaley said.

The ability to expedite and thoroughly clean their facility can greatly help a company recover from a fire quickly.

(credit: CBS)

“We are focusing our efforts on helping those businesses affected by the Marshall Fire. They can come and speed up the application process in person,” said Rick Tillery, a spokesperson for the Small Business Administration. These are federally backed low-interest loans. They’re here to help you get back on your feet again. “.

More than 57 companies have already applied for loans through the SBA. Another 101 families have applied for home loans and more than $17 million has already been delivered.

“It’s good to know we’re not alone in this, and there are many different ways to get relief and help in a time of need,” Kali said.

If you or someone you know is in need of loans for financial assistance because of a fire, you can visit DAC in Lafayette during normal business hours seven days a week.

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