Areas Served: Baca, Bent,Crowley, Kiowa and Prowers counties, Colorado
The Micro Loan Fund is an alternative (gap) financing method designed to help finance business projects that will positively impact the economic health of the communities within Baca, Bent,Crowley, Kiowa and Prowers counties.
Individuals who meet eligibility requirements may apply.
WHAT BUSINESSES ARE ELIGIBLE? – Businesses located within the five county area listed above – Businesses designed for profit – Businesses authorized to conduct business in Colorado HOW CAN I USE THE FUNDS? – Purchase of an existing business – Start-up costs for a new business – Purchase of real estate – Purchase of equipment, furniture, fixtures, machinery or inventory – Working capital FUNDS MAY NOT BE USED FOR: – Construction or remodeling – Refinancing debt – Payment of delinquent taxes – Buying out existing owners, partners or shareholders – Not-for-profit businesses HOW WILL MY APPLICATION BE EVALUATED? – Ability to create or retain jobs filled by income-qualifying persons – Management abilities – Experience – Financial condition of the business and its owners – Cash Flow shows the ability to repay loan – Credit history of owner – Owner’s willingness and ability to invest in the business – Sufficient collateral – Community benefit – Available funds MICRO LOAN General Information – Maximum loan amount is $100,000 – See BLF Loan Information for qualified and ineligible uses of these funds – Must have five or fewer employees including the owner – Business must be for profit – RLF dollars limited to 90% of project – Loan term 10 years or less – $50 application fee due at application submittal – 2% origination fee due at loan closing – Under certain circumstances and strictly a case by case basis, funds may be used to buy out existing owners, partners or stockholders
Contact InformationSoutheast Colorado Enterprise Development
Address: 112 West Elm St
City: Lamar
State: Colorado
Website:
http://www.seced.net/services_Business_RLF.shtml
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