What you’ll need to apply:
- Loan Application
- Business Plan – template / watch HOW TO video here
- Personal Financial Statements –template
- Financial information sufficient enough to determine your business’ gross revenues (P&L, tax returns, etc.).
- Evidence of No Credit Elsewhere – click here for documentation needed
The Colorado Small Business Development Network offers FREE on-line training videos to help you start and grow your business. It would be very beneficial to take some time to view some of these videos as you prepare your loan application – click HERE to view the videos.
Documents needed at closing:
The USDA Rural Development has awarded the NWCCOG EDD $47,000 to establish a business loan fund. This fund will support the development of small and emerging businesses in the NWCCOG Region.
Loan funds from this program can be used for:
- working capital
In order to qualify you must:
- Be located in one of the five NWCCOG Counties: Eagle, Grand, Jackson, Pitkin, Summit
- Be a for-profit business
- Have gross revenues less than $1 million. Gross revenues are defined as revenue of a business before deductions for any purpose, except for sales returns. In the case of a manufacturing or merchandising business, gross revenue means gross profit (i.e., gross sales or gross receipts less cost of goods sold). Please provide this information for the last 12 months (if existing business) or projected for the next 12 months (if new business).
- Have fewer than 50 employees
- Provide documentation of not being able to obtain credit elsewhere.
- Loans may range from $5,000 – $47,000
- Interest rate is determined during the approval process, but will be very competitive
- Loan term varies – max 10 years