Areas Served: Weld, Morgan, Logan, Sedgwick, Phillips, Yuma, Washington,
Highlightsn¢ Small business financing specifically for rural Northeastern Coloradon¢ Financing options not available from conventional lendersn¢ Directly available through Colorado Lending Source via the USDA-Rural Development IRP Loan Fund (subject to USDA concurrence)n¢ Total Loan Pool of $450,000 Loan Structuren¢ Financing available for up to 75% of the total project cost Use of Fundsn¢ Can include, but is not limited to: working capital, building/land purchase or construction, business acquisition, debt refinancing, and purchase of inventory, furniture, fixtures and equipment.
¢ Agricultural production is not eligible Eligibility Requirementsn¢ Small businesses, individuals, partnerships and LLCs, including eligible non profitsn¢ Must be located in one of the target counties in an area with a population of 25,000 or less (Weld, Morgan, Logan, Sedgwick, Phillips, Yuma, Washington,Eastern Elbert, Lincoln and Kit Carson)n¢ At least 51% of the ownership of the entity must be a US citizen(s) or legal, permanent resident(s)n¢ No more than 20% ownership by active government or military employeen¢ SBA size standards apply: Business must have a net worth less than $15MM and a net profit of no more than $5MM (two year average after taxes) Loan Sizen¢ Financing available from $20,000-$35,000 Interest Raten¢ Rates will be fixed between Prime + 2.75% up to Prime + 5.75%, depending on a risk rated sliding scale Termsn¢ Fully amortizing and based on: project purpose, borrower’s repayment ability and collateral (useful life, etc) Basic guidelines are as follows:n¢ Real Estate 15 year maximum termn¢ Equipment and Fixtures 10 year maximum termn¢ Working Capital 7-10 year maximum term
Contact InformationColorado Lending Source
Address: 518 17th Street, Unit 180
City: Denver
State: Colorado
Website:
http://www.coloradolendingsource.org
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