Marshall Fire homes and businesses granted $54.6M in disaster loans

DENVER (KDVR) — More than half the people who lost homes and businesses have applied for disaster assistance loans from the U.S. Small Business Administration.

The fire destroyed nearly 1,100 homes and businesses. So far, the SBA has approved $54.6 million in loans to the victims.

Homes are being valued at higher amounts than businesses, though businesses are potentially worth more. Disaster assistance loans from the SBA have a $200,000 cap for homes but a $2 million cap for businesses.

The homes lost in the Marshall Fire are coming close to hitting their limit. There have been 590 applications for home loans, 312 of which the SBA has approved for a total of $53.4 million. The home loans, on average, are for just over $170,000 apiece.

The process for approving loans for lost businesses is more intensive, according to the administration, so fewer applications have been approved. Approved applications are not coming anywhere near the $2 million cap. So far, eight of the 113 business applications have been approved and granted a total of $1.2 million – on average $151,325 apiece.