A nonprofit supported by First Southwest Bank recently received money to create a revolving loan fund to support small businesses.
The Colorado Office of Economic Development and International Trade awarded the First Southwest Community Fund $400,000, and the nonprofit expects to receive the money in the next two weeks, the nonprofit’s President Kent Curtis, wrote in an email.
“Through First Southwest Community Fund’s revolving loan funds, we hope to create tangible economic opportunities in areas where unemployment is higher, family income is lower and educational attainment is stagnant,” he said in a statement.
The fund will be focused on serving Pagosa Springs and San Luis Valley regions with low-interest loans. However, businesses from La Plata County are encouraged to apply, Curtis said.
If the state Legislature allocates funding next year, First Southwest Community Fund will receive an additional $100,000 in 2018.
Region 9 Economic Development District of Southwest Colorado does similar lending, and the fund’s staff hopes to partner with them, Curtis said.
The nonprofit will be focused on serving small and emerging businesses, outdoor recreational businesses and women-owned businesses.
It will also serve fledgling agricultural businesses that have difficulty acquiring financing and are not eligible for Farm Service Agency loans if the business is less than three years old.
Businesses looking for funds to develop proof-of-concept products from ideas, in order to create product and start generating revenue, are also eligible for the loans.
mshinn@durangoherald.com
