Areas Served: City of Steamboat Springs
The Steamboat Springs Economic Development Council (EDC) has established a micro loan program.
This program is being offered as a shared effort between the Steamboat Springs EDC, Colorado Mountain College Small Business Resource Center and Northwest Revolving Loan Fund.
The Steamboat Springs EDC Micro Loan Program is a specific loan program to assist small businesses located in Steamboat Springs and the immediate surrounding area.
These loans are tailored to the needs of small business owners and entrepreneurs looking to start and/or expand their business.
The program will allow individuals access to loans between $1,000 and $30,000. Steamboat Springs EDC Micro Loan Program is available to small businesses, including home-based businesses, which have the potential to be successful and contribute to the economic strength and diversity in the Steamboat Springs immediate surrounding area.
Few commercial lenders offer this type of micro loans because the cost to process these loans is too high in relations to the small amount of interest that is generated from the loan payments.
Loan Terms and Use – Loans are made by the Northwest Loan Fund (NLF) – – Loan funds are for small start-up or existing art-up businesses, including home-based businesses Eligible use of funds and terms – Purchase of equipment, raw materials, inventory and/or working capital.
– The interest rate of the loans is typically the prime rate plus 2% – Maximum term of loan is 5 years – Type of loans available include: (Direct ~ Loan Guarantees and Loan Participations)
Contact Information
Steamboat Springs Economic Development Council
Address: 1289 Lincoln Avenue
City: Steamboat Springs
State: Colorado
Website:
https://yampavalley.info
Leave a Reply