The Region 9 Economic Development District of Southwest Colorado received an additional $500,000 in funding, according to a news release sent by Region 9.

The money came through an amendment of the Community Development Block Grant contract between the State Office of the Economic Development and International Trade and La Plata County on behalf of the five counties in Southwest Colorado.

The CDBG is one of many sources of funding for the Business Loan Fund. The BLF provides gap financing to support job creation and retention in La Plata, Archuleta, Montezuma, Dolores and San Juan counties.

In addition to providing large loans, $100,000 and more, the CDBG provides micro-loans for small business and entrepreneurs that can include up to $5,000 in grants.

The CDBG has helped fund 31 loans and a feasibility study totalling over $1.089 million.

“This CDBG funding has been key to assisting numerous small businesses that are unable to receive financing through traditional means,” said Executive Director of Region 9 Ed Morlan in the release.

Region 9 is a public and private partnership supporting and leading economic development activities and program in the area.

vguthrie@durangoherald.com