Colfax County, New Mexico businesses and residents were affected by wildfires and straight-line winds on 4/5/2022 and continuing. The Small Business Administration (SBA) is offering financial disaster assistance for Colfax County, New Mexico businesses that suffered physical damage or economic injury and loss to their NM business operations located in Colfax County.
SBA Loan Deadlines for the Colfax County, New Mexico Declared Disaster Declaration #17487 and #17488
– Physical Damage Loan Application filing deadline is 08/08/2022.
– Economic Injury Disaster Loan (EIDL) Application filing deadline is 03/08/2023.
– Read the official SBA disaster declaration for Colfax County here.
Business Owners in Colfax County, for speed and personalized attention, Schedule Your Free Disaster Loan Consultation call. Depending on your situation, we may be able to assist you with the SBA process for your business in Colfax County New Mexico.
Wildfires and Straight-line Winds Incident in Colfax County NM
On 4/5/2022 and continuing, a Wildfires and Straight-line Winds bad weather incident caused damage in areas of New Mexico. Disaster Number NM-00081 was declared on 6/8/2022 as an official disaster area through Disaster Declaration #17487 and #17488 due to Wildfires and Straight-line Winds.
Colfax County, New Mexico Cities and Towns Affected by Wildfires and Straight-line Winds
Here is a list of all the Colfax County, New Mexico cities, towns, parishes, and municipalities affected by the Wildfires and Straight-line Winds that occurred 4/5/2022 and continuing:
Angel Fire, Cimarron, Eagle Nest, Maxwell, Miami, Raton, Springer, Ute Park
In Colfax County, New Mexico, eligible businesses and residents are able to apply for a low-interest disaster loan from the U.S. Small Business Administration (SBA), commonly known as an SBA Economic Injury Disaster Loan (EIDL). The SBA offers disaster loan assistance to businesses, nonprofit organizations, homeowners, and renters located in Colfax County, New Mexico, that were affected by the declared disaster number NM-00081.
The SBA also provides eligible Colfax County, New Mexico small businesses and nonprofit organizations with working capital to help overcome the economic injury of the declared disaster in Colfax County, New Mexico.
To apply for financial assistance from the SBA for your business that was affected by Wildfires and Straight-line Winds in Colfax County, visit the official SBA Disaster Loan Assistance website.
Physical Damage to Your Colfax County Business Property
Colfax County, New Mexico businesses and private nonprofit organizations of any size may borrow an SBA EIDL loan up to a $2 million (two million dollars) to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Applicants in Colfax County, New Mexico may be eligible for an EIDL loan increase up to 20% (twenty percent) of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a sump pump, elevation, French drain or retaining wall to help protect property and occupants from potential future damage that could be caused by a similar disaster in Colfax County, New Mexico.
Economic Injury to Your Colfax County Business Operations in New Mexico
For Colfax County small businesses, companies, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical damage to property.
Interest Rates for SBA EIDL Colfax County, New Mexico Disaster Loans
Interest rates for Colfax County, New Mexico are as low as 2.940% (two point nine four zero percent) for businesses, 1.875% (one point eight seven five percent) for nonprofit organizations, with loan amortization terms up to 30 years or 360 months. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition of their business located in New Mexico.
Colfax County SBA Loan Interest Rates For Physical Damage:
– New Mexico Businesses with Credit Available Elsewhere 5.880%
– Businesses in New Mexico without Credit Available Elsewhere 2.940%
– New Mexico Non-Profit Organizations with Credit Available Elsewhere 1.875%
– Non-Profit Organizations in New Mexico without Credit Available Elsewhere 1.875%
Colfax County SBA Loan Interest Rates For Economic Injury:
– Businesses and Companies in New Mexico 2.940%
– Small New Mexico Agricultural Cooperatives without Credit Available Elsewhere 2.940%
– New Mexico Non-Profit Organizations without Credit Available Elsewhere 1.875%
Colfax County Business Owners, Schedule Your Free Disaster Loan Consultation Call for One-on-One Assistance for Your Company that was Affected by Wildfires and Straight-line Winds in Colfax County, NM.
Colfax County, New Mexico Disaster Assistance From FEMA
If your Colfax County, New Mexico business was impacted by Wildfires and Straight-line Winds, and is located in one of the communities approved for assistance from the Federal Emergency Management Agency (FEMA), you can apply for disaster assistance.
Check to see if Colfax County, New Mexico is approved by FEMA by visiting DisasterAssistance.gov or by calling 1-800-621-3362 between the hours of 7am to 11pm Eastern Standard Time (EST) seven days a week.
For other possible Colfax County, New Mexico disaster assistance resources, or to apply for assistance from FEMA, visit the official FEMA website.
Colfax County SBA EIDL Loan Relief vs. FEMA Assistance Facts for New Mexico
For Colfax County businesses in New Mexico, an SBA EIDL loan holds many benefits for recovering from the Wildfires and Straight-line Winds that caused damage to your physical property and economic injury to your business on Wildfires and Straight-line Winds.
Will I be referred to the SBA after I apply with FEMA?
Yes it is possible. After you apply for disaster assistance from FEMA, you may be contacted by the SBA. If you are asked to submit an application for a low-interest SBA loan, you are encouraged to do so. Applying with the SBA assures that all available disaster assistance options remain open to you.
Will the SBA application be the basis of referrals to other grant programs?
Yes. Submitting the application makes it possible for you to be considered for additional grants. If you apply for an SBA low-interest disaster loan and are not eligible, this may open the door to additional assistance from FEMA. If SBA denies the loan application, you may be eligible for additional FEMA grant assistance to replace essential household items, replace or repair a damaged vehicle, cover storage expenses, or meet other disaster-related needs your Colfax County, New Mexico home or business has suffered.
Do I have to accept an SBA loan if I am approved?
No you do not. If the SBA determines you are eligible for a loan, you do not have to accept it. However, if you do qualify for an SBA loan and you choose not to accept it, additional resources may not be available to you for disaster recovery.
Do I have to choose between a FEMA or an SBA EIDL loan?
No. Qualifying for an SBA EIDL loan does not mean you are suddenly ineligible for FEMA assistance. There are several important reasons to complete and submit an SBA application, even if you think you don’t currently need a loan for your Colfax County, New Mexico home or business. For example, you may discover that you were underinsured for the amount of work required to repair or replace your home. An SBA low-interest disaster loan may bridge the gap between your recovery costs and the settlement amount.
Are SBA EIDL loans only meant for businesses?
No. Due to the Wildfires and Straight-line Winds being a natural disaster, the SBA also offers loans for homeowners in Colfax County, New Mexico up to $200,000 to repair or replace your primary residence. The loans are customized to your personal financial circumstances. On a case-by-case basis, the SBA may be able to assist with the refinance of your current mortgages, in the case of a first mortgage, and / or a second mortgage.
The SBA can also help Colfax County, New Mexico renters and homeowners replace household contents, for example: clothing, furniture, appliances, and vehicles. This is referred to as personal property. Homeowners and renters are eligible for up to $40,000 (forty thousand dollars) to repair or replace damaged or destroyed personal property caused by Wildfires and Straight-line Winds.
Are SBA loans available for businesses and nonprofits of any size?
Yes. Due to the Wildfires and Straight-line Winds declared disaster, Colfax County, New Mexico businesses of all sizes and private nonprofit organizations may borrow up to $2 million (two million dollars) to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size in Colfax County, New Mexico, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.
Is there a deadline to apply for the Wildfires and Straight-line Winds SBA low-interest loan?
Yes. The deadline to file applications for physical damage is 08/08/2022. The deadline to return economic injury applications is 03/08/2023. These deadlines may be slightly different depending on the county and state.
Population of Colfax County in New Mexico
Colfax County has a population of 12,369 residents (2021 Census figures), which is a change of -0.10% in population from the 2020 Census numbers. The State of New Mexico has a current total population of 2,115,877. This is a -0.10% change in the number of residents in NM.
The Federal Information Processing System (FIPS) Code for the State of Colfax is 35000. The FIPS code for Colfax County, NM is 35007.
Colfax County Official Government Website in New Mexico
The official website for the Colfax County, NM government can be found here:
https://www.co.colfax.nm.us
Check the Colfax County website for other possible disaster relief options for residents and businesses located in Colfax County, New Mexico.
Other New Mexico Counties Affected by the Wildfires and Straight-line Winds Disaster
Besides Colfax County, other counties that were affected by Wildfires and Straight-line Winds in New Mexico were:
New Mexico Primary Counties
Colfax, Mora, San Miguel.
New Mexico Cities Located in Colfax County
Angel Fire, Cimarron, Eagle Nest, Maxwell, Miami, Raton, Springer, Ute Park.
Summary and Conclusion of the Wildfires and Straight-line Winds Disaster in Colfax County, NM
To apply for financial assistance and relief due to your Colfax County, New Mexico business being financially damaged by wildfires and straight-line winds on 4/5/2022 and continuing, there are important SBA deadlines for when you need to submit your new application, increase request, or reconsideration request.
For the Colfax County, New Mexico Declared Disaster Declaration #17487 and #17488, the loan application filing deadline for physical damage is 08/08/2022. The economic injury disaster loan (EIDL) application filing deadline is 03/08/2023.
This is something you can possibly do yourself (DIY) by visiting the official government FEMA and SBA websites.
Colfax County Professional Disaster Assistance for Your Business in New Mexico
Was your Colfax County, NM business disrupted by the wildfires and straight-line winds incident that occured on 4/5/2022 and continuing?
We can offer professional assistance to help your business file for a new SBA EIDL loan, an increase request or loan modification, or a reconsideration appeal if you were denied for an SBA EIDL loan for your business that was economically harmed by wildfires and straight-line winds in Colfax County under Disaster Number NM-00081 that was declared on 6/8/2022 through Disaster Declaration #17487 and #17488.
Business Owners Located in Colfax County, New Mexico:
Schedule Your Free Disaster Loan Consultation Call For Help in Financially Recovering From the Wildfires and Straight-line Winds That May Have Damaged Your Business in Colfax County, NM.
Cover Image Credit: 123RF.com / Deberarr / Disaster Loan Advisors.