Region 10 welcomes Dan Scinto as their new Business Loan Fund Director. With a knack for commercial lending, Scinto brings over 25 years of banking experience to this newly redesigned post.
A Minnesota native, Scinto relocated to the Western Slope for its outdoor recreational opportunities. Scinto adds that as an avid hunter, fisher, and outdoors enthusiast, he couldn’t imagine living anywhere else.
Aside from his eagerness to recreate, Scinto also brings an eagerness to help the business community. “I get goosebumps talking about credit,” he adds. “I absolutely love it.”
“Region 10 is pleased to have Dan join our team,” comments Michelle Haynes, Executive Director of Region 10. “His prior experience and enthusiasm for serving our local businesses will enhance the services we are able to offer to businesses in our communities, providing capital for business expansion and new jobs, in addition to the educational and consulting services available through the Small Business Resource Center.”
Scinto hopes to bring a personalized touch to his new job. “I plan on regularly visiting the businesses who we make loans to, just to check in and see how they are doing,” Scinto comments.
In addition to personal visits, he envisions developing a post-loan education program that provides additional support and technical assistance to these businesses. “One of our biggest failures in this economy is the lack of support businesses receives after getting a loan,” he adds.
The Business Loan Fund (BLF) is a unique lending mechanism available for local businesses in the six-county region of Delta, Montrose, Gunnison, Ouray, Hinsdale, and San Miguel Counties. Often referred to as a “lender of last resort,” the BLF offers “gap financing” for local businesses who are already working with private lenders, but still need more capital to achieve their business goals. The funds can also be leveraged by new or existing businesses who have a strong business model and plan, but may not qualify for a traditional bank loan. Typical loan amounts range from low amounts of $2,500 up to $250,000 for businesses providing new jobs in the community.
Over the years, Region 10’s BLF has developed strong relationships with local banks, helping increase the output of loans into the community. Once allocating on average six loans a year, the BLF now doles out four times this volume annually, providing well-needed capital to economically struggling communities.
For businesses that have already received a loan from the BLF or those in the process of applying, they can expect to see Scinto in the near future.