First Southwest Community Fund recently created a fixed-rate, low-interest micro-entrepreneur loan for startups and growing businesses in rural Colorado.
Eligible loan customers have the opportunity to receive up to 10 percent of loan requests and each loan is delivered as a grant to provide businesses financial assistance for technical needs.
Technical needs, for example, may include client meetings with accountants to prepare finances or learn basic accounting software; business coaches to help develop business plans and projections; lawyers to address legal questions; and marketing professionals to help with plans and provide resources.
Qualifying business activities and expenses include: working capital; debt refinancing; equipment and supplies costs; real estate improvement; and hiring and training team members.
All applicants must provide two years of financial statements or tax returns and startups must show two years of financial projections.
The maximum loan available is $50,000. First Southwest Community Fund determines types of technical assistance for customer needs and applicants must name providers to use and hourly rates.
For more information about the loan and application process, call or email Sherry Waner, senior vice president of Specialized Commercial Lending, at (970) 946-6160 or allspeciallending@fswb.com.