Areas Served: Moffat, Routt, Jackson, Rio Blanco, Grand, Garfield, Eagle, Summit and Pitkin Counties, Colorado
The Northwest Loan Fund provides business assistance loans to young, expanding businesses and start-up businesses that will create and retain jobs, and diversify the economy in a nine-county service area in Colorado.
Size of Loans: $30,000 to $100,000 Term of Loans: 1 year to 10 years Interest: Prime to Prime + 2 Fees: – $50.00 Application Fee – 1 to 2% Loan Origination Fee Security: 1st or 2nd Deed of Trust on real property, purchase money security agreement, accounts receivable and/or inventory.
(determined on a case-by-case basis) Eligible Uses of Funds: Purchase of equipment, raw materials, inventory and/or working capital.
Funds cannot be used for refinancing existing debt, purchasing real estate, or construction.
Program Requirements – One job for every $16,000 loaned must be created.
– Of the jobs created, 51% must be filled by individuals of low to moderate income.
– The business must have applied for, and have been denied, financing from a conventional source.
– Owner equity in the project should be at least 20%.
(determined on case-by-case basis) – Adequate collateral must be available to secure the loan.
(determined on case-by-case basis) – The business must be located within the Colorado service area of Moffat, Routt, Jackson, Rio Blanco, Grand, Garfield, Eagle, Summit and Pitkin Counties.
– The business must comply with environmental laws, rules, executive orders.
Contact InformationNorthwest Loan Fund
Address: 249 Warren Avenue
City: Silverthorne
State: Colorado
Website:
http://nwc.cog.co.us/
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