Special recognition goes to Montrose County for acting as the sponsor for the State of Colorado’s Community Development Block Grant (CDBG) program facilitated by Region 10. Through the program, Region 10 provides loans to businesses across six counties including Montrose, Gunnison, Hinsdale, Delta, Ouray, and San Miguel. Utilizing the CDBG program, the loan fund has given many businesses throughout the region access to capital through involvement in the program.
Often the CBDG funds assist a business with “gap” financing, allowing a business to combine personal assets and traditional bank financing with additional access to capital through the CBDG program to complete a loan package. This partnership with local banks in the area serves as an essential collaboration and contributes exponentially to the success of the businesses, thereby translating directly into job expansion and retention, as well as the overall vitality of the region.
Through the Office of Economic Development and International Trade (OEDIT), the contract has been expanded and extended to further facilitate job creation and economic diversification within the region until November 2018. Businesses that will benefit from this unique approach to business lending include hotels, breweries, retail sales, service, and health care. The contract is in effect until November 2018.
For more information on the program and Region 10’s Loan Fund or to see if your business could benefit from this approach to commercial lending, please contact Region 10 Business Loan Fund Director Dan Scinto at 970-765-3126.