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Region 9 receives additional $500K for business loan program

By Laura Lewis
Special to The SUN

The Region 9 Economic Development District of Southwest Colorado, Inc. received an award of $500,000 through an extension 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 (BLF) program that provides “gap” financing to support job creation and retention. In addition to larger loans of $100,000 or more, the CDBG program provides micro-loans of $100,000 or less to small business and entrepreneurs that can include up to $5,000 in grants for technical assistance. To date, this CDBG contract has helped fund 23 loans and one feasibility study totaling over $875,750.

“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 under business resources or contact Jenny Stollar, 247-9621 or jenny@scan.org.

This story was posted on November 7, 2013.