Colorado Lending Source is allocating $350,000 to rural Colorado businesses that have been impacted by COVID-19 as part of a new financing option called the Small Business Emergency Loan Program for Rural Colorado.

The purpose is to augment federal relief programs and to help protect jobs and businesses in rural communities, according to a press release.

“COVID-19 has been especially challenging for most rural-based Colorado businesses,” said Colorado Lending Source Executive Director Mike O’Donnell. “Many larger cities and counties have been able to create loan programs to complement federal stimulus and help local businesses survive, but rural businesses have been largely left to their own devices. Most have been excluded from access to the Paycheck Protection Program and struggle to understand the complexities of the credit-scored Economic Injury Disaster Loans.”

The loans are $10,000 and offered over two years at an interest rate of 3.75 percent with no payments due for the first six months. Applicants must be in a rural community. To check eligibility, visit eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=rbs.

Applications should be sent to submitmainstreet@coloradolendingsource.org.

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