A new $5 million Larimer County Small Business Recovery Loan Fund has begun to accept applications.
Colorado Enterprise Fund will manage the fund, which includes, so far, $2 million in lending capital with initial capital provided by the Bohemian Foundation. Additional funds will become available with the remaining $3 million in lending capital to be raised through regional collaboration with local foundations, banks, municipalities, private businesses and individuals.
How a business manages its inventory can have a tremendous impact on the financial health of the company. Managed properly, inventory can be a great source of increased margins, higher revenue, or a combination of the two.
“The partnership with Colorado Enterprise Fund is exciting,” said Josh Birks, city of Fort Collins economic health director. “It has been helping small businesses in Colorado since 1976 and has extensive experience operating similar loan programs creating a strong foundation for business recovery.”
David May, Fort Collins Area Chamber of Commerce president, thanked the Bohemian Foundation and the city of Fort Collins. “The loan fund will provide much needed capital to stabilize business and enable them to rebuild and recover,” he said.
The fund will offer loans of between $2,500 and $5,000 at a fixed rate of 3.5% with no origination fee. Loans are for stabilization and recovery of businesses.
Businesses must be located in Larimer County, employ 20 or fewer workers and must have been economically viable prior to March 15.
Information about the program and on how to apply is available at NoCoRecovers.com. Businesses can complete a pre-qualification form at: