Business Loan Fund

Since its creation in 1984, Region 10’s Business Loan Fund (BLF) has loaned over $8.6 million dollars to over 225 businesses and non-profits. Applications are accepted from businesses located within Region 10’s six counties. Loan amounts typically range from $5,000 to $250,000 or more, with fixed rate terms usually less than than 10 years. The BLF is interested in loans that create or retain jobs or that establish or expand businesses needed in our growing regional economy. The BLF does not offer 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
  • Local Governments and Special Districts
 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.

Brochures and Information
Other Business Lending Sources
  • 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

Contact Us

Vince Fandel

Business Loan Fund Director
(970) 249-2436x17
vince@region10.net

 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 keep things as simple as possible, contact us regarding your loan application before proceeding. Before you begin, please review our

Application Information and Business Plan Essentials.

The following items will be needed to begin analysis of your loan request. Either mailed paper copies or emailed electronic copies in .PDF format are acceptable:

  1. Non-Refundable Loan Application Fee (Check for $50)
  2. Completed Business Plan using SBA template and tutorial.
    • Include at least ONE PRIOR YEAR, CURRENT YEAR and PROJECTED YEAR income statements and balance sheets
    • Show the receipt and the uses of loan funds, and the repayment of the loan in the PROJECTED YEAR income statement
    • Show at least ONE YEAR of projected cash flow with expected and worst-case scenarios.
  1. Resumes of Borrowers focusing on business knowledge and experience.
  2. Last three years of Business and Personal Federal Tax Returns.
  3. Personal Financial Statement and Authorization to Obtain Information for each borrower.
  4. Documentation of Business Legal Structure such as Articles of Incorporation, Bylaws, Partnership Agreements, etc.
  5. 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.

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.