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  • Small Business Resources

    The Small Business Resource Center provides business with funding and resources to help grow and prosper.

Business Loan Fund

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

Region 10 assists local businesses and non-profits located within the counties of Delta, Gunnison, Hinsdale, Montrose, Ouray and San Miguel counties with their financial needs.

Loans typically range from $5,000 to $250,000 or more, with fixed rates and for loans with a maximum term of 10 years or less.

The BLF focuses on loans that create or retain jobs or that establish or expand businesses needed in our growing regional economy.

The Business Loan Fund does not offer grants.

Eligibility

Eligible Entities:

  • Sole Proprietorships
  • Partnerships
  • Corporations
  • Limited Liability Companies
  • Non-Profits
  • Local Governments and Special Districts

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

1 to 1 collateral, owner equity/contribution, a secondary source of repayment and personal guarantees are required with any loan.

Considerations for Approval

Considerations for loan approval include:

  • Owner’s Business Management Experience
  • Business Ability to Repay
  • Financial Strength of the Business, its Owners, and Guarantors (if any). Loans must be personally guaranteed by the business owners.
  • Amount and Quality of Collateral offered

**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.

Funding

Region 10 funds are made available 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 may have a different application, documentation, funding, reporting and/or eligibility requirements.

Region 10 work in “partnership” loans with local financial institutions whenever possible to meet the needs of each individual borrower.

These partnerships allow Region 10 the ability to make more loans and thus make better use of its limited funds.

How to Apply

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

Download: Application Information and Business Plan Essentials

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

  • Non-Refundable Loan Application Fee (Check for $50)
  • Completed Business Plan using SBA template and tutorial.
    • Include at least ONE PRIOR YEAR, CURRENT YEAR and THREE YEAR PROJECTED income statements and balance sheets
    • Show the use(s) of all loan funds, and the repayment of the loan in the PROJECTED YEAR(S) income statement
    • Show at least ONE YEAR of projected cash flow with expected and worst-case scenarios.
  • Resumes of Borrowers focusing on business knowledge and experience.
  • Last three years of Business and Personal Federal Tax Returns.
  • Personal Financial Statement and Authorization to Obtain Information for each borrower.
  • Documentation of Business Legal Structure such as Articles of Incorporation, Bylaws, Partnership Agreements, etc.
  • 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.

Other Business Lending Sources

  • 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)874-5735×132 email
  • Colorado Lending Source (small business lender)
    Tod Cecil: (970) 947-1400 email

Business Loan Fund Contact:

Dan Scinto, Business Loan Fund Director
(970) 765-3126
(970) 249-2436 x 206
dan@region10.net