Areas Served: Archuleta, Dolores, La Plata, Montezuma and San Juan counties, Colorado
The Business Loan Fund (BLF) was established to assist small businesses within the five Southwest Colorado counties of Archuleta, Dolores, La Plata, Montezuma and San Juan,comprising Region 9. The main focus of the BLF is to promote business expansion in Southwest Colorado by creating or retaining employment opportunities for low to moderate-income persons.
The loan funds are designed to leverage private funds in order to bridge the gap between monies and financing needed for the proposed project.
Who Qualifies? Before a BLF loan can be requested, the business in consideration must demonstrate that other financing alternatives have been exhausted or an insufficient rate of return exist to the business for the project to proceed.
Job creation and/or retention also strengthen a project.
The purpose of the BLF is to support business activities for which credit is not otherwise available on terms and conditions which would permit completion and/or the successful operation or accomplishment of the project.
How Much Can I Borrow? The BLF funds should ideally be leveraged with other funds, consisting of either private financing, equity capital, or a combination of the two.
The BLF target is to not exceed 33% of the entire loan package.
Maximum amounts for local BLF participation is $400,000. What Can I Use the Fund For? The BLF funds can be utilized for the following primary uses:
- Capital Equipment
- Inventory
- Working Capital
- Other secondary uses are allowed with approval from the BLF Loan Committee.
Contact InformationRegion 9 Economic Development District
Address: 295A Girard
City: Durango
State: Colorado
Website:
http://www.scan.org/CDBG%20-%20EDA.html
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