Small Business Loan Information

Loan Information

Many small businesses in Grand County are struggling and are having trouble finding money to help sustain and grow. Following are two sources of funds which could be of assistance. Following are two (2) sources of funding for small businesses.

Northwest Loan Fund (www.nwccog.org)
The Northwest Loan Fund offers business loans in Grand, Eagle, Garfield, Jackson, Moffat, Pitkin, Rio Blanco, Routt and Summit counties. The funds are for start-up and expanding businesses that may not qualify for traditional funding.

Loan Specifics:
  • One job for every $20,000 loaned.
  • 51% of jobs created or retained must be filled by individuals of low to moderate income
  • Owner equity should be at least 20%
  • Collateral must be available to secure loan amount
  • Explanation as to why your bank would not make loan
Eligible Use of Loan Funds
Business Assets
    • Equipment/machinery
    • Inventory
    • Raw Materials
    • Purchase of existing business
    • Renovation/fixtures of business occupied building
    • Business occupied building purchase
Working Capital
    • Payroll
    • Accounts Receivable Funding
Size of Loans
$5,000 to $100,000 (larger as warranted)
Terms
1-5 years (longer if warranted)
Interest Rate:
Prime+ 2
Fees
(2-3% origination fee)

Business and Economic Development Association (BEDA)
(Currently has approximately $25,000 available funding).
  • Beda can make loans up to $10,000 at 5% interest for 3-5 years
  • Collateral required
  • Application packet
Contact us by phone Monday thru Friday, 7:30 am to 6:00 pm or email anytime.
John Dickenson - 970-531-2037 or email
George Davis - 970-531-1517  or email