Glenwood Springs is offering a new loan opportunity for small businesses through a grant from the U.S. Department of Agriculture.
“I want to make the loan process easy, not scary,” said Danielle Campbell, economic development specialist for the city.
The Revolving Loan Fund will provide low-interest financing options to small business owners operating within city limits for the following purposes: fire suppression systems, working capital needs or operational costs, acquiring or rehabilitation of fixtures, furniture or equipment, property rehabilitation, site improvements and limited new construction projects.
Eligible business owners must send pre-application materials for initial review before they submit an application, but it is strongly recommended to call Campbell before starting the application.
“My goal is getting people to reach out,” she said.
Loan amounts will be between $5,000 and $40,000, or 50% of the total project costs. There will be annual interest rates around 3% with a repayment term of up to seven years.
“I would almost consider myself more of a facilitator,” she said. “I’m always the person that talks with the businesses, one on one experts, helping them through the loan application, answering those specific questions and then connecting them.”
To be eligible, businesses must be registered with the Colorado Secretary of State, and hold an active business license with the city of Glenwood Springs. Businesses must have gross revenues of less than $1 million and fewer than 50 employees.
The Revolving Fund Loan Review Committee meets monthly. Applicants can expect to hear about next steps within four to six weeks of submitting an application.
“It’s a group of people that are all local bankers and business people that essentially will review it,” she said about the review committee. “All those people are local folks that are here to support local businesses, and they’re all from a variety of the different banking institutions as well as businesses in Glenwood Springs.”
Businesses should not fear the application process, as it might make for a good starting point for other opportunities.
“One of the benefits, I would say, is having all of these kinds of people at the table at the end of the day, even if this one doesn’t make the right fit,” she said. “There’s guaranteed someone, or someone who can connect them with an additional resource that’s probably a better fit for them.”
Marijuana retailers are currently not eligible for the program, and the funds are not eligible for agricultural production. There are also specific requirements for new construction projects.
“That’s all requirements from the USDA that we have to follow to utilize this money,” she said.
Campbell also asked for people to contact her early in the application process in case she is able to help them find better resources for businesses like the Northwest Colorado Council of Governments or other grants like the Glenwood Springs Downtown Development Authority facade grant
“There are resources out there,” she said. “We’re just connecting folks with the right things.”
Danielle Campbell can be reached at 970-384-6424 or firstname.lastname@example.org.