Colorado U.S. Senator Michael Bennet announced that the Small Business Administration (SBA) has made an Economic Injury Disaster Loan (EIDL) declaration for the State of Colorado due to the Red Mountain Pass rockslide that occurred in January. The rockslide completely closed a stretch of U.S. 550 from Ouray to Silverton for a month while the road was made safe for travel again. The highway remains closed during portions of the day while final repairs are completed.
The EIDL declaration makes low-interest loans available to businesses and nonprofit organizations located in the affected counties that suffered due to the rockslide. Businesses in Ouray, Gunnison, Hinsdale, Montrose, San Juan, and San Miguel counties are eligible to apply.
“Red Mountain Pass is an important route for folks in southwest Colorado, especially for people doing business in the region,” Bennet said. “With limited traffic passing through town while repairs are completed, businesses continue to face tough times. These loans will help small businesses and other organizations pay their bills and meet their obligations while things get back to normal.”
Small businesses, small agricultural cooperatives, and most private nonprofit organizations are eligible to apply for an EIDL. For more information on the loans and how to apply, please visit http://www.sba.gov/content/economic-injury-disaster-loans.
U.S. 550 over Red Mountain pass is currently scheduled to be closed Monday through Saturday from 8:30 a.m. – 12:30 p.m. and 1:30 p.m. – 6:30 p.m. through May 22. Additional closures may be needed after that date. Drivers should visit www.cotrip.org for more information on travel alerts.