El Paso County Business Loan Fund
The El Paso County Business Loan Fund Program is a source of capital for expanding businesses within El Paso County.
Providing lower cost financing helps pave the way for small business owners to expand their businesses. The Business Loan Fund Program typically involves a private lender who may not otherwise provide complete financing. The public / private partnership can help smaller businesses finance their expansion, resulting in new employment opportunities.
El Paso County contracts with Pikes Peak Regional Development Corporation to administer the Business Loan Fund Program.
BUSINESS & PROJECT ELIGIBILITY
Funds may be used to acquire business interest, real estate, machinery, equipment, inventory, and working capital.
- Applicants must be credit-worthy for-profit businesses located in unincorporated El Paso County, or in its incorporated smaller cities and towns.
- Applicants located within El Paso County designated Enterprise Zones are eligible.
- Manufacturing businesses located within the City of Colorado Springs are eligible.
LOAN STRUCTURE
The El Paso County rarely finances 100% of any project. Banks or other private lending institutions may provide any portion of the project’s cost. The small business concern must provide a minimum of 10% of the total project’s cost.
LOAN TERMS
Loan terms are normally comparable to the life of the asset being financed. Permanent working capital loans are typically granted from three to five years.
• Maximum Loan $200,000 • Term Up to 10 years • Rate Typically under market • Amortization Same as Term • Fees 2% origination • Loan closing are subject to the availability of program resources.
Technical assistance and advisory resources are available through the Small Business Development Center (SBDC) (719) 667-3803, and Service Corp of Retirement Executives (S.C.O.R.E.) (719) 636-3074.