The Pueblo City County Development Corporation utilizes the Business Lending Center for the the administration of this loan program. The program is designed to be used in rural areas, not within Pueblo City limits and designed to work with small businesses as a back up to other loan programs.
HOW DOES THE LOAN FUND WORK?
The Business Lending Center works with the small businesses to evaluate the needs for funds and will determine eligibility. The funds will not cover more than 90% of the total project. There are specific collateral requirements in order to be approved for the BLF.
ELIGIBLE USE OF FUNDS
• Purchase of Real Estate
• Purchase machinery, equipment, furniture and fixtures
• Working Capital
• Back up to other loan programs, including SBA projects
BUSINESS GUIDELINES FOR THE BLF PROGRAM
• Gross Revenue must be less than $1 Million.
• Employee Less than 50 people.
• Must be in a rural area of less than 50,000 and unincorporated areas, (NOT for Pueblo City limits).
• YES in Pueblo County.
• Revolving Line of Credit product is not currently available.
• Life Insurance is required for the amount of the loan.
• The loan term varies based on collateral and cash flow. Maximum term is 10 years with a 20 year amortization.
• The minimum loan amount is $10,000. The maximum single loan amount may not exceed $250,000.
• The minimum interest rate will be 4.00% and the maximum interest rate will not exceed the WE Wall Street Journal Prime plus 4.00% on the day of closing.
• Loan Application Fee of $50.00 will be assessed.
• A 2.00% Loan Origination Fee will be assessed.
Apply Now!!: BLF Application