Creating jobs on Main Street, not Wall Street.
The Colorado Main Street loan program is is a character-based financing option available to small businesses who are unable to secure a conventional loan to start or grow their business. Loans range from $5,000 to $50,000 and can be used for a variety of business purposes.
Funding for this loan program comes from several sources including Colorado Lending Source, banks, foundations, private entities and government agencies (specifically the US Small Business Administration and the US Department of Agriculture).
Qualified borrowers can use Colorado Main Street loan funds for:
- Start-up expenses
- Working capital
- Purchasing equipment, furniture, fixtures, inventory, vehicles (necessary to the operation of the business), leasehold improvements
- Buying a business or franchise
- Business debt refinancing
Can't get a bank loan? Find out if you are eligible to receive a Colorado Main Street loan by reviewing the criteria below.
- The business must be located within Colorado
- The business must be small
- At least 51% of the business must be owned by a U.S. citizen or legal, permanent resident
- Eligible business structures include sole proprietors, partnerships, LLC's, corporations, co-op's and employee-owned firms. Non-profit entities may also be considered if located within a rural community.
RATES & FEES
The Colorado Main Street loan program utilizes several funding sources, as a result, the interest rate varies. If your business is located in a metropolitan Colorado county (Larimer, Weld, Boulder, Adams, Jefferson, Broomfield, Denver, Arapahoe, Douglas, El Paso or Pueblo) your interest rate will be fixed at 8.75%. If your business is located in any other Colorado county, your interest rate will be fixed at the Wall Street Journal Prime Rate + 2.00%. The maximum term of a Colorado Main Street loan is 8 years.
Current Wall Street Journal Prime interest rate: 4.25%
There are no upfront fees associated with a Colorado Main Street loan. A 1.00% closing fee plus any direct, out-of-pocket filing / recording costs, will be collected from loan proceeds at the time the loan funds.
What a wonderful ambassador Mike and the whole organization is in support of small businesses here in Colorado. Proud to be partners!