May 23, 2017
The Region 9 Economic Development District has been chosen to administer $1.5 million dollars in rural business loan funds that will be distributed throughout the 13 rural regions of Colorado over the next two years.
Based on the budgeted amount of $1.5 Million and an average loan size of $50,000, 28 loans will be made in rural Colorado. Based on Region 9’s proposal to create or retain one job per $15,000 loaned, at least 90 jobs will be created, equal to almost 360 jobs being created in our urban areas, per the Colorado State Demographer’s Office that states on average, 1 job in rural Colorado has the same impact as 4 jobs in Denver and the Front Range.
The funds are a grant from the Economic Development Commission (EDC) provided via the Office of Economic Development and International Trade (OEDIT) to support small business and start up lending around Colorado. OEDIT provides loans to under-served and statewide small businesses in Colorado, particularly in the rural counties where Region 9 and the Partner Loan Funds have an established track record of collaboration and a delivery system in place.
The regions’ Business Loan Fund Administrators meet twice a year to share best practices and work to move the economic success needle forward across the state.
“The strength of this initiative stems from the BLF Administrators having a physical presence in the rural communities that they serve,” said Sanjiv Doresewamy, Business Development Loan Officer.”
Region 9 is a public / private partnership supporting and leading economic development activities and programs in SW Colorado. For more information on the Business Loan Fund visit www.scan.org or contact Loan Officers Jenny Stollar or Sanjiv Doreswamy, 247-9621 or email@example.com, firstname.lastname@example.org.
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