FORT COLLINS — The Fort Collins City Council has approved creation of a revolving loan fund to support local small businesses that might struggle to obtain approval for traditional bank loans.
Fort Collins will partner with the Colorado Enterprise Fund to administer the fund, which offers gap financing for small-business development and expansion.
Eligible small businesses can apply for loans from the $324,000 fund with additional capital resources available through CEF. Loan principal repayments will revolve back into the fund.
To qualify, businesses must have one to 50 employees and less than $2 million in annual revenue, with primary business operations in the city of Fort Collins growth management area. This program includes nonprofits.
More information about the program, including how to apply, is expected in early 2024, according to a city press release.