The Region 9 Economic Development District of Southwest Colorado Inc. received an award of $500,000 through an extension of the Community Development Block Grant contract between the state Office of Economic Development and International Trade and La Plata County on behalf of the five counties in Southwest Colorado.
The block grant is one of several sources of funding for the Business Loan Fund program that provides “gap” financing to support job creation and retention. In addition to larger loans of $100,000 or more, the block-grant program provides microloans of $100,000 or less to small businesses and entrepreneurs that can include up to $5,000 in grants for technical assistance. To date this block-grant contract has helped fund 23 loans and one feasibility study totaling more than $875,750.
“This 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.
The Region 9 Economic Development District is a public/private partnership supporting economic development activities and programs in Southwest Colorado.
For more information about the Business Loan Fund, visit www.scan.org under business resources or call Jenny Stollar at 247-9621 or email jenny@scan.org.
