July 28, 2016
The Region 9 Economic Development District of SW Colorado, Inc. is requesting $300,000 of additional loan funds through a Community Development Block Grant (CDBG) contract between the Colorado Office of Economic Development and International Trade (OEDIT) and La Plata County on behalf of the five counties in southwest Colorado.
The CDBG is one of several sources of funding for the Region 9 Business Loan Fund (BLF) program that provides "gap" financing to support job creation and retention in La Plata, Archuleta, Montezuma, Dolores & San Juan counties. In addition to larger loans of $100,000 or more, the CDBG program provides micro-loans to small business and entrepreneurs that can include up to $5,000 in grants for technical assistance. This CDBG contract, with this amendment, will bring $1,580,000 Million into the region. So far this CDBG contract has helped fund 18 new loans and two feasibility studies totaling over $820,833.
"CDBG funding has been key to assisting numerous small businesses that are unable to receive financing through traditional means," said Ed Morlan, Executive Director of Region 9.
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 Jenny Stollar, Loan Officer, 247-9621 or email@example.com.
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