Business Loan Fund

Since its creation in 1984, Region 10’s BLF has loaned over $8.6 million dollars to over 225 businesses and non-profits. Applications from businesses within Region 10’s area are encouraged. Loan amounts normally range from $5,000 to $250,000, with terms typically not more than 10 years. The BLF emphasizes loans to businesses for job creation, retention and economic development, thus adding jobs and tax dollars to the local economy. The BLF offers business loans, not grants.

 Eligibility

Loans to new and existing businesses can be used for:

  • Working Capital
  • Equipment
  • Inventory
  • Real Estate
  • Other supportable expenditures

Loans are not available for:

  • Personal use
  • Gambling
  • Real Estate Development
  • Any speculative purpose

Financing is typically provided through secured term loans at favorable rates. Owner equity, secondary source of repayment and personal guarantees are required.

Business entities eligible for BLF funds include:

  • Sole Proprietorships
  • Partnerships
  • Corporations
  • Limited Liability Companies
  • Non-Profits
  • Government Agencies and Entities
 Considerations for Approval

Considerations for loan approval include:

  • Borrowers Business Management Experience.
  • Business Ability to Repay.
  • Financial Strength of Business, Owners, and Guarantors. Loans must be personally guaranteed by business owners.
  • Amount and Quality of Collateral offered.

In the event of a default, Region 10 will work with its borrowers. However, if payment cannot or is not being made, collection will be pursued with any and all legal and other means available.

Brochures & Other Information

CDBG Loan Brochure

HUD Low To Moderate Income Guidelines

Business Loan Funds Brochure

Loan Application Outline

Other Lending Resources
  • Colorado Lending Source (small business lender)
    Tod Cecil: (970)947-1400 email
  • Small Business Finance Corporation (SBA 504 business real estate lender)
    Pat Berry: (970) 243-1861 email
  • US Dept of Agriculture Rural Development (variety of grant and loan programs)
    Pattie Snidow: (970)874-5735x132 email
 Funding

Currently funds used by Region 10 are applied for and may be received from the following federal and state programs.

  • Colorado Development Block Grants (CDBG)
  • Small Business Administration (SBA) Microloan Program
  • USDA Intermediary Relending Program (IRP)
  • Repaid or "Revolved" Loans

Each source can have different application, documentation, funding, reporting and eligibility requirements.

Region 10 encourages “participation” loans with local financial institutions. These loans may help bridge borrowers financial “gaps”. They may be able to enable deserving businesses obtain smaller, riskier or unconventional loans. These partnerships can also allow Region 10 to make more loans and thus better use of its funds. Ask your lender about using Region 10 as a partner in your loan.

 Loan Application

To minimize your paperwork, contact Region 10 regarding your loan before proceeding. The following are some of the items that will be needed to begin analysis of your loan request:

  • Loan Application Fee ($50)
  • Completed Region 10 Loan Application packet.
  • Resumes of key personnel focusing on business knowledge and experience.
  • Business Plan, including financials.
  • Show use of loan funds and validation of revenue projections.
  • Current and previous year-end business balance sheets and profit and loss statements.
  • Three years of cash flow projections with expected and worst case scenarios.
  • Last three years of business and personal tax returns.
  • Personal financial statements for business owners.
  • Documentation of business legal structure such as Articles of Incorporation, Bylaws, Partnership Agreements, etc.
  • Plus any additional information we may need to complete our analysis.

Applications should be submitted as far in advance of funding needs as possible. Please download and review our Loan Application Guidelines (PDF) and submit your application materials.

Be sure to contact us if you have any questions on any of our several types of loans or on what may be needed for your application.

Staff Contact

Paul Dunford
Business Loan Fund Director
(970) 249-2436x17
pdunford@region10.net