Small Business Loans through Region 9 EDD
Region 9 offers a low interest revolving loan fund for “gap” financing to assist small business retention, expansion and job creation. The amount of loan funds available per business is based on approximately $20,000 per job created or retained up to a maximum of $100,000 per business, and is leveraged at a ratio of 2 to 1 with other equity or loan dollars. Loan requests exceeding $100,000 for businesses with significant economic impact are processed in partnership with the Colorado Governor’s Office of Economic Development and International Trade.
Region 9’s micro loan program assists small businesses with short-term (up to 5 years) capital needs of less than $100,000. Technical assistance grants of up to $5000 maximum (dependent on loan size) are also available in conjunction with a Micro-Enterprise Loan. Applicants with loan requests greater than $100,000 are encouraged to apply for region 9’s Business Loan Fund program.
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In cooperation with the Woman’s Resource Center, Region 9 has launched a microloan program for women small business owners as well as women who are thinking about starting a business. Loan amounts will ranger from $500 to $5000. Applications are available at WRC 679 E. 2nd Ave. Unit 6 Durango, 970-247-1242, or www.wrcdurango.org. There is a nominal application fee.
Growth Company Initiative
Emerging Growth Companies are critically important to Southwest Colorado’s economic development and diversification. Nationwide, these companies create about 75% of all new jobs, provide unique products or services, and have growing national or international markets. Most importantly, because of their need for highly skilled employees EGCs provide higher than average wages. Region 9, the Fort Lewis College School of Business Administration, the Small Business Development Center at Fort Lewis College, and county-level economic development groups are partnering to provide targeted support programs for EGC’s.
Program components include:
- A survey to identify whether a business meets the criteria of an EGC.
Are you an EGC? Fill out our survey
- Ability to connect businesses with available and appropriate programs.
- Business Advisors Group that provides one-on-one mentoring assistance to businesses.
- A local angel investor group, Animas Venture Group, for EGCs seeking equity capital, and
- A Peer Network for EGC CEO’s to share ideas, challenges, and successes, and have experts address topics of interest.
For more information on the Growth Company Initiative, contact Region 9 at 970-247-9621 or cassie@scan.org.
Tools for Entrepreneurs (coming soon!)
