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Region 9 receives additional $500K for business loan program

By Terry Blair-Burton
Special to The SUN

The Region 9 Economic Development District of SW Colorado, Inc. received an additional $500,000 through an amendment of the Community Development Block Grant (CDBG) contract between the State Office of Economic Development and International Trade (OEDIT) and La Plata County on behalf of the five counties in southwest Colorado.

The CDBG is one of several sources of funding for the Business Loan Fund program that provides “gap” financing to support job creation and retention in La Plata, Archuleta, Montezuma, Dolores and San Juan counties. In addition to larger loans of $100,000 or more, the CDBG program provides micro-loans to small businesses and entrepreneurs that can include up to $5,000 in grants for technical assistance. To date, this CDBG contract has helped fund 31 loans and one feasibility study totaling 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 Ed Morlan, executive director of Region 9.

The Region 9 Economic Development District is a public/private partnership supporting and leading economic development activities and programs in southwest Colorado.

For more information on the Business Loan Fund, visit www.scan.org or contact Jenny Stollar, loan officer, at 247-9621 or jenny@scan.org.

This story was posted on July 17, 2014.