The BLF is an alternative (gap) financing method designed to help finance business projects that will positively impact the economic health of the communities within Baca, Bent,Crowley, Kiowa and Prowers counties.
Individuals who meet eligibility requirements may apply.
WHAT BUSINESSES ARE ELIGIBLE? – Businesses located within Baca, Bent,Crowley, Kiowa and Prowers counties in Colorado – Businesses designed for profit – Businesses authorized to conduct business in Colorado HOW CAN I USE THE FUNDS? – Purchase of an existing business – Start-up costs for a new business – Purchase of real estate – Purchase of equipment, furniture, fixtures, machinery or inventory – Working capital FUNDS MAY NOT BE USED FOR: – Construction or remodeling – Refinancing debt – Payment of delinquent taxes – Buying out existing owners, partners or shareholders – Not-for-profit businesses HOW WILL MY APPLICATION BE EVALUATED? – Ability to create or retain jobs filled by income-qualifying persons – Management abilities – Experience – Financial condition of the business and its owners – Cash Flow shows the ability to repay loan – Credit history of owner – Owner’s willingness and ability to invest in the business – Sufficient collateral – Community benefit – Available funds BLF LOAN – Maximum loan amount is $250,000 – 10% owner equity required -Terms of loan not to exceed 10 years – Interest rate based on New York Prime – Collateral requirements and personal guarantees based on individual applications – $50 application fee due at application submittal – 2% origination fee due at loan closing – The business is required to create or retain one job for every $20,000 borrowed – At least 51% of jobs must be filled with income-qualifying individuals
Southeast Colorado Enterprise Development
Address: 112 West Elm St