Region 9 receives approval for additional loan funds through the Community Development Block Grant

By Stephani Burditt
Region 9 Economic Development District of Southwest Colorado

The Region 9 Economic Development District of Southwest Colorado has received $406,874 of additional loan funds through the Community Development Block Grant (CDBG) contract between the Colorado Office of Economic Development and International Trade and La Plata County on behalf of the five counties in southwest Colorado.

The CDBG is one of several sources of funding for the Region 9 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 microloans to small businesses. So far, this CDBG contract has funded nine businesses totaling almost $500,000.

“CDBG funding has been key to assisting numerous small businesses that are unable to receive financing through traditional means,” said Laura Lewis Marchino, executive director of Region 9.

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This story was posted on June 22, 2020.