Just wanted to tell you about a new loan program NWCCOG EDD has available. We received a grant of $47,000 from the USDA to establish a revolving loan fund (this is separate from the Northwest Loan Fund.). You all have direct contact with businesses in your community, so I wanted to reach out to you in case you have any businesses that may fit with this loan program. Details can be found here: http://nwccog.org/edd/business-loan-fund/
Info about the loan fund:
Loan funds from this program can be used for:
- expansion / acquisition / startups / equipment / inventory / working capital
In order to qualify you must:
- Be located in one of the five NWCCOG Counties: Eagle, Grand, Jackson, Pitkin, Summit
- Be a for-profit business
- Have gross revenues less than $1 million
- Have fewer than 50 employees
- Provide documentation of not being able to obtain credit elsewhere.
- Loans may range from $5,000 – $47,000
- Interest rate is determined during the approval process, but will be very competitive
- Loan term varies – max 10 years
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Compare Loan and Grant Programs: Advantages, Disadvantages, & Requirements
A Cheat Sheet by Del Norte Bank (Pdf)
Business Loan Fund: The USDA Rural Development has awarded the NWCCOG EDD $47,000 to establish a business loan fund. This fund will support the development of small and emerging businesses in the NWCCOG Region.
Paycheck Protection Program Forgivable Loans: provides small businesses with forgivable loans to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
- Paycheck Protection Program Application for forgivable loans.
- SBA Disaster Loans for Small Businesses: Colorado small businesses throughout all 64 counties and on all tribal lands may seek up to $2M. Apply through SBA. If you have questions about the application process, review SBA’s Guidebook.
- SBA Express Bridge Loan: This loan allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork and a faster timeline.
- Work-Share Program: Provides an alternative to laying off employees by allowing them to keep working, but with fewer hours. While an employee is working fewer hours, he or she may be eligible to collect part of his or her regular unemployment benefits.
- COVD Business Bridge Loans (BEDA): Grand County Business & Economic Development Association’s Loans – to make low-interest loans available to new or existing business benefits that will benefit the economy of BEDA’s service area
- Kiva Loans: U.S. applicants for a Kiva loan will have access to the following: expanded eligibility, larger loans, and greater financial flexibility.
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- Colorado Department of Labor and Employment (CDLE)
- Colorado Office of Economic Development and International Trade (OEDIT)
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Hotline: (303) 860-5881