In Phillips County there is access to capital from guranteed loans through the USDA and a directive for Certified Capital companies to invest in rural areas. Most Importantly, our locally-owned financial institutions and regional revolving fund are committed to economic development. Other financial programs avaiable include the follwoing:
The Northeastern Colorado Revolving Loan Fund provides investment capital to new and expanding businesses to creat new employment and expand the economic base of the region. These funds may be used in conjunction with conventional loan sources, not to exceed $250,000 or 35% of the total project needs witha term now to exceed 10 years. For more information contact Dan Simon, Administrrator, at 970-332-4335.
Colorado has established a program to provide industry with tax exempt Private Activity Bonds to encourage private investment in creating and sustaining jobs, housing, and higher education. The program allocates bond issuance authority. Local governments sponsor bond issues but are not liable in the event of a default by the company.
Colorado Lending Source, a Certified Premiere Lender, provides long-term, fixed asset loans through the SBA 504 Loan Program. Projects are typically structured with 50% froma lending instution, 40% from SBA, and 10% equity from business. www.coloradolendingsource.com
Colorado Housing & Finance Authority (CHFA) Business Finance Division offers small business loan programs the provide financing for working capital, machinery, equipment, owner - occupied realestate, and in some cases, refinancing of existing debt. The following website provides details of CHFA's finance program.
http://www.colohfa.org/bf_main.shtml
Community Development Block Grant Funds can be used for loans, loan guarantees, and equity investments. These funds are allocated by the Colorado Office of Business Development.
Impact Assistance and Economic Development Commission Funds can be used for infrastructure improvments and site development costs.
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© 2004 Phillips County Economic Development Corp..
