A disaster-assistance mortgage fund, which is able to begin out with modest funding however with the expectation it’s going to develop, has been established to assist small companies in Southwest Colorado take care of COVID-19 losses.
Area 9 Financial Improvement District of Southwest Colorado has initially created the disaster-loan program with $125,000.
Nonetheless, partnering businesses and nonprofits are anticipated to double that quantity, and extra funding within the Coronavirus Assist, Reduction and Financial Safety Act signed Friday by President Donald Trump might bolster this system.
Southwest Colorado small companies which have closed or had their operations restricted by COVID-19 enterprise restrictions are eligible for the loans, ranging in dimension from $1,000 to $10,000, from the Catastrophe Help mortgage Fund.
Eligible companies may be situated in La Plata, Montezuma, Archuleta, San Juan and Dolores counties.
Purposes and knowledge at the moment are accessible on the homepage of Area 9’s web site www.scan.org.
All funds shall be 0% curiosity for the primary six months. Catastrophe Help mortgage purposes shall be accepted by way of April 9, with funding to start shortly thereafter.
“We anticipate a excessive quantity of requests and can do our greatest to create as a lot influence as attainable,” mentioned Brian Rose, Area 9 deputy director.
All purposes not accepted initially shall be retained for re-consideration as further funding is obtained by Area 9, Rose mentioned.
“We can even be leveraging microloan packages in a wide range of the counties and partnering with different regional suppliers to assist our funds go so far as attainable,” he mentioned.
Area 9 is speaking with further funding companions, and Rose mentioned matching contributions by different companions might double the scale of the Catastrophe Help mortgage Fund.
As well as, Area 9 is researching to see if small-business help offered within the CARES Act may be tapped to additional bolster the fund.
Extra details about how CARES will enable funding to grow to be accessible regionally will start to floor in coming weeks because the act will get digested and particulars are created by every of the businesses managing the funding, Rose mentioned in an e mail.
A hyperlink to a listing of all enterprise help sources can also be accessible on Area 9’s webpage and up to date day by day.
As well as, the Small Enterprise Improvement Middle of Southwest Colorado has offered an overview of help offered to small companies within the CARES Act.