A new $5 million Larimer County Small Business Recovery Loan Fund will soon be available for impacted small businesses. Round 1 will include $2 million in lending capital seeded through a partnership made possible by Bohemian Foundation, the City of Fort Collins and Fort Collins Area Chamber of Commerce. Round 2 will follow shortly with the remaining $3 million in lending capital to be raised through regional collaboration with local foundations, banks, municipalities, private businesses and individuals.
The program is initially being implemented by the City of Fort Collins, The Fort Collins Chamber of Commerce and Bohemian foundation for the benefit of the county. Additional partners are being actively recruited to aid in supporting this program.
“The goal of the County-wide fund is to help preserve the small business community that is so important to our region,” says the City of Fort Collins Economic Health Director, Josh Birks, “by leveraging the entire County we’re hoping for a stronger foundation for business recovery.” Fort Collins Area Chamber of Commerce President David May said, “The loan fund will provide much needed capital to stabilize business and enable them to rebuild and recover. A big thank you to the Bohemian Foundation and the City for their leadership.”
Loan details are as follows (subject to change as the program finalizes):
- Loans amounts between $2,500-$50,000 at a fixed rate of 3.50% and no origination fee; and
- Loans are intended to support the stabilization and recovery of businesses.
Eligible Business will (in addition to other requirements):
- Be located within Larimer County, Colorado (primary address) and employ 20 or fewer workers.
- And has through normal operations held sufficient human, intellectual, and financial capital to be deemed economically viable prior to March 15, 2020.
Additional information about the program and information on how to apply will be made available as soon as possible (likely next week).