To Patrick Vahey along with his coworkers, small businesses are critical for a community to flourish. That’s why his firm Greenline Ventures, with the support of the others, provides low-interest microloans for companies that have fewer than 50 workers on the Western Slope.
The Greenline Emergency Microloan Program intends to jolt modest companies with loans which range from $10,000 to $50,000 for 5 decades. There’s zero interest on these loans for its first six months plus a 2% rate for the rest 54. The loans will be managed via the company’s affiliate, Greenline Community Development Fund LLC.
“We see a lot of potential in Grand Junction. It has the potential to grow and there’s a lot of opportunity,” Vahey said. “Before the Paycheck Protection Program started rolling out, we wanted to see what difference we could make.”
Greenline, with the support of this Zoma Foundation, stepped up, fearing any national help would arrive too late, Vahey said.
Firms that employ must offer financial documents and some private details on owners, according to a news release from Greenline. This is the next round of loans Greenline has contributed to small companies in Colorado, the first coming in 2017 and being supplied just for minority, women or veteran-owned tiny companies across the Front Range.
“Larger companies are able to weather the impacts of COVID much better,” Vahey said. “We’re hopeful that, because of this, jobs are retained and we prevent further deterioration of the economy.”
Vahey hopes to eliminate money. These low-interest loans aren’t meant to turn much profit, if any, ” he explained.
Most companies are entitled to the loans, and the program is seen on Greenline’s web site.
This is one of several resources to assist modest companies throughout the pandemic. The Grand Junction Small Business Development Center disaster relief page on its own site contains tips for business owners and information on upcoming webinars regarding halfway through the pandemic.
Another source in the arsenal can’t hurt, stated Diane Schwenke, president and CEO of the Grand Junction Area Chamber of Commerce.
“Any financial tools we have to help small businesses is great,” Schwenke said.