• Oct 28, 21
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

The San Luis Valley Revolving Loan Fund provides gap-financing loans for business expansion, start-ups, and retentions.

Businesses must be able to provide permanent jobs in the assisted projects and fill a majority (60%) of the positions with low- or moderate-income persons*.

Gap financing represents the balance of funds needed for a project after commitments from other sources of financing, including the owners, have been identified and exhausted.

This program is intended to help businesses access local lenders by sharing the risk and being flexible on collateral requirements.

Gap financing is not intended to compete with or replace local lenders.

In order to qualify, you must:

– Be located in Saguache, Alamosa, Rio Grande, Conejos, Costilla and Mineral counties, Colorado – Be a for-profit business – Provide us with a complete business plan including personal financial statements – Create at least one full-time job for every $20,000 borrowed – Be willing to inject your own cash into the project – Be willing to personally guarantee the loan – Have a good credit history – Pay the $50 application fee

The loan terms are:

– Minimum loan of $10,000 with a maximum of $250,000 (depends on availability of funds) – Leverage the RLF loan 2:1 with funds from other sources – Interest rate is determined during the approval process, but is very competitive – Loan term varies – maximum 0 year 2.0% origination fee; plus variable filing and closing costs – Proceeds can be used for land, buildings, equipment, working capital, inventory, and limited leasehold improvements; refinancing of existing debt is not allowed – Collateral is required on all loans.

Collateral can consist of fixed assets, inventory, accounts receivables, real estate, personal property, etc.





Contact Information
San Luis Valley Development Resources Group
Address: 610 State Ave
City: Alamosa
State: Colorado

Website: http://www.slvdrg.org/rfl_programs.php

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