Whether it’s finding the right capital to start or expand your business, the Archuleta Economic Development Association is here to help. The most important step before looking for financing options is to create or update your business plan. Please see our business plan section for help if you need it. Below you will find the most common resources available to you to help you capitalize your business. Please call or email the AEDA if you have questions or need guidance. Phone: 970-731-1443 or Email: info@archuletaeconomicdevelopment.org
View State Business Finance Programs
View Region 9 Economic Development District Programs
View Colorado Housing and Finance Authority Programs
View USDA Rural Development Programs
View CEDCO SBA 504 Loans
View Local Bank Programs
State Business Finance Programs
Business Financing – The state of Colorado has a number of business financing programs that can be used independently or in conjunction with a variety of other funding options to providing funding for businesses.
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Region 9 Economic Development District
Region 9 Economic Development District of Southwest Colorado, Inc. (Region 9 EDD) is a Colorado non-profit community economic development corporation that promotes and coordinates economic development efforts throughout Southwest Colorado. The district administers state and federal programs for economic development. See below for more information on programs, or call Ed Morlan at 970-247-9621.
- Business Revolving Loan Fund
Offers a low interest revolving load fund for “gap” financing to assist small business retention, expansion and job creation.
- Micro-Enterprise Loan Program
Assists small businesses with short-term (up to 5 years) capital needs of less than $100,000. Technical assistance grants of $5000 maximum are also available in conjunction with the micro-enterprise loan.
- Women Business Owner Micro-loan Program
In cooperation with the Women’s Resource Center, Region 9 offers a micro-loan program for women small business owners as well as women who are thinking about starting a business. Loan amounts will range from $500 to $5,000. Call 970-247-1242 for an application.
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Colorado Housing and Finance Authority (CHFA)
CHFA has created the Business Finance Team to develop and administer several lending programs targeted to meeting the needs of businesses throughout Colorado. They provide long-term, fixed-rate financing, including programs specific to small and medium sized businesses, all bringing positive economic opportunities to businesses throughout Colorado. Contact CHFA at 303-297-7329 or see below for more information.
SBA 504 Program
This program provides real estate financing in conjunction with the SBA’s 504 program. Generally, CHFA finances a first mortgage for up to 50% of the project cost, the SBA finances 40% of the project, and the borrower generally provides an equity contribution of 10%. The program allows the borrower to fix the interest rate on the first mortgage for the entire term of the loan, with a minimal equity contribution.
CHFA Direct
A real estate financing program whereby CHFA originates a direct loan for up to 85% of the project cost, and provides a fixed rate for the entire term of the transaction (up to 20 years). The program also allows for the financing of machinery and equipment, as long as it is part of the real estate transaction.
CHFA Rural Loan Program
Designed to provide financing for businesses located in rural areas (with populations less than 50,000 residents). CHFA makes direct loans (up to $750,000) for real estate and equipment at a fixed rate for the entire term of the loan.
Business & Industry I Program
Provides small business loans for businesses residing in larger rural communities. The loans, which may be used for real estate or equipment, are made directly by CHFA and partially guaranteed by Rural Business Services. Call 303-297-7329 for more information.
Business & Industry II Program
A program where CHFA purchases the guaranteed portion of Business and Industry loans guaranteed by Rural Business Services. This program is targeted to businesses in rural locations of the state and allows the borrower to take advantage of a fixed interest rate for up to 25 years. Call 303-297-7329 for more information.
Manufacturing Programs
Are you a manufacturer looking to acquire or expand your facilities and equipment? You can take advantage of fixed interest rates and lower down payment requirements through CHFA.
New Markets Tax Credit Program
Colorado has an exciting new program that will help our communities grow. The New Markets Tax Credit Program (NMTC), created as part of the Community Renewal Tax Relief Act of 2000, encourages private capital investment in low income communities by providing tax credits to investors. The purpose of the NMTC is to spur private investment in low-income urban and rural communities.
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USDA Rural Development
Promoting a dynamic business environment in rural America is the goal of Rural Development, Business and Cooperative Programs (BCP), Business Programs (BP). BP works in partnership with the private sector and the community-based organizations to provide financial assistance and business planning. BP helps fund projects that create or preserve quality jobs and/or promote a clean rural environment.
Indirect Programs
Business and Industry Guaranteed Loan
Intermediary Relending Program (IRP)
Rural Business Enterprise Grant (RBEG) Program
Rural Business Opportunity Grant (RBOG) Program
Rural Economic Development Loan and Grant (REDLG)
Section 9006 Guaranteed Loan Program
Direct Programs
Section 9006 Grant Program
Section 9008, Biomass Research and Development Initiative
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CEDCO (Community Economic Development Company of Colorado)
CEDCO—Small Business Finance Corporation is a private, non-profit Certified Development Company, licensed by the US Small Business Administration as a source of SBA “504” loans for real estate and long-lasting fixed equipment in Colorado and certain counties of New Mexico, Arizona and Utah. Edie Newberg is our local contact for 504 loans. Below please find her contact information.
Edie Newberg
Loan Officer
CEDCO – Small Business Finance Corp
970-264-0496
Email: edie@cedco.org
Download more information on SBA 504 program: Borrower’s Guide to SBA 504
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Local Banks
Archuleta County has several local banks that would be glad to service you, and provide business loans. Please see our Community Services section for information and contacts.
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