Many small businesses in Grand County are struggling and are having trouble finding money to help sustain and grow. Following are two sources of funds which could be of assistance. Following are two (2) sources of funding for small businesses.
Northwest Loan Fund (www.nwccog.org)
The Northwest Loan Fund offers business loans in Grand, Eagle, Garfield, Jackson, Moffat, Pitkin, Rio Blanco, Routt and Summit counties. The funds are for start-up and expanding businesses that may not qualify for traditional funding.
One job for every $20,000 loaned.
51% of jobs created or retained must be filled by individuals of low to moderate income
Owner equity should be at least 20%
Collateral must be available to secure loan amount
Explanation as to why your bank would not make loan
Eligible Use of Loan Funds
Purchase of existing business
Renovation/fixtures of business occupied building
Business occupied building purchase
Accounts Receivable Funding
Size of Loans
$5,000 to $100,000 (larger as warranted) Terms
1-5 years (longer if warranted) Interest Rate:
Prime+ 2 Fees
(2-3% origination fee)
Business and Economic Development Association (BEDA) (Currently has approximately $25,000 available funding).
Beda can make loans up to $10,000 at 5% interest for 3-5 years