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Business Loan Fund

Over the past 30 years, Region 10’s Business Loan Fund (BLF) has assisted 250 local, small businesses, and nonprofits with more than $9 million dollars in loans.

ELIGIBILITY

Eligible Entities

Eligible entities include sole proprietorships, partnerships, corporations, limited liability companies, non-profits, local governments & special districts. The following are required with any loan: one to one collateral, owner equity/contribution, a secondary source of repayment, and personal guarantees are required with any loan.

Accepted Use of Funds

Working Capital

Equipment

Inventory

Other Supportable Expenditures

Loans Are Not Available For

Personal Use

Gambling

Real Estate Development

Any Speculative Purpose

HOW TO APPLY

A complete loan application with all items below increases Region 10’s ability to obtain the funding needs for each borrower.

The following items are required to begin the analysis of any loan request. Either mailed paper copies or emailed electronic copies format are acceptable:

Business Plan

Completed business plan using SBA template & tutorial (link above)

Financials

Include at least ONE PRIOR YEAR, CURRENT YEAR and THREE YEAR PROJECTED income statements and balance sheets.

Funds Projection

Show the use(s) of all loan funds, and the repayment of the loan in the PROJECTED YEAR(S) income statement.

Projected Cash Flow

Show at least ONE YEAR of projected cash flow with expected and worst-case scenarios.

Resumes

Resumes of Borrowers focusing on business knowledge and experience.

Tax Returns

Last three years of Business and Personal Federal Tax Returns.

Financial Statement

Personal Financial Statement and Authorization to Obtain Information for each borrower. (See above)

Legal Documents

Documentation of Business Legal Structure such as Articles of Incorporation, Bylaws, Partnership Agreements, etc.
Please include any additional information you feel would be helpful to complete our analysis. Applications and materials should be submitted as far in advance of funding needs as possible.  Contact Region 10 for any additional questions or support needed.

CONSIDERATIONS FOR APPROVAL

Considerations for loan approval include:

Owner’s Business Management Experience

Please include a non-refundable loan application fee (Check for $50)

Business Ability to Repay

Completed business plan using SBA template & tutorial (link above)

Financial Strength

Financial strength of the business, its owners, and guarantors (if any). Loans must be personally guaranteed by the business owners.

Amount & Quality of Collateral Offered

Show the use(s) of all loan funds, and the repayment of the loan in the PROJECTED YEAR(S) income statement.

Projected Cash Flow

Show at least ONE YEAR of projected cash flow with expected and worst-case scenarios.
*In the event of a default, we will work with our borrowers. However, if payments are not made as agreed, collection will be pursued with any and all legal means available.

LOAN INQUIRY FORM

Loan Inquiry

About Your Business

Loan Purpose *
Collateral to be pledged

Operating Business Address

Physical Address
Physical Address
Street Address 1
Street Address 2
City
State/Province
Zip/Postal
Mailing Address
Mailing Address
City
State/Province
Zip/Postal

About You

50
705
Very Poor 300-579 · Fair 580-669 · Good 670-739 · Very Good 740-799 · Exceptional 800-850

OTHER LENDING SOURCES

Colorado Housing Finance Agency (CHFA)

(commercial lending, bank credit enhancements)

Karen Harkin
(970) 241-2341 x6303
kharkin@chfainfo.com

USDA Rural Development

(variety of grant and loan programs)

Pattie Snidow
(970) 874-5735×132
pattie.snidow@co.usda.gov

Colorado
Lending Source

(small business lender)

Nicole Christianson
(970) 947-1400
nicole@coloradolendingsource.org

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