Microentrepreneur Loan, With Technical Assistance Grant, Now Available
To support the development and ongoing success of rural microentrepreneurs, First Southwest Community Fund has established business loans offering technical assistance grants for entrepreneurs in rural Colorado.
First Southwest Community Fund (FSWCF), a 501c3 nonprofit investing in the people, culture, and ideas that fuel innovation in rural Colorado, has launched a fixed-rate, low-interest Microentrepreneur Loan for startups and growing businesses in rural Colorado.
Each loan customer is eligible for up to 10% of the loan request to be delivered in the form of a grant for the business’ technical assistance needs.
"With the USDA’s RMAP program, our goal is to get rural businesses and startups invigorated to invest and grow. The USDA creates these programs to support rural regions like ours here in Southern Colorado,” says Kent Curtis, FSWCF president. “Our community fund, seeks out these opportunities, gets our neighbors access to them and helps business through the process — every step of the way. It's what we do. We're based on people, values and rural Colorado. And we're here to invest in this region.”
The types of Technical Assistance could include paying for clients to meet with accountants or CPAs to prepare or correct financials and learn basic accounting software, business coaches to develop their business plan and projections, lawyers to address any legal questions and marketers to develop their marketing plan.
Microentrepreneur Loan Details:
Qualified business activities and expenses include: Working capital; Debt refinancing; Purchasing equipment and supplies; Improving real estate; Growing team members
Maximum loan size is $50,000
2 Years of Business FS or Tax Returns | Startups: 2 Years of Financial Projections
FSWCF ultimately determines which types of technical assistance a customer needs
Applicant is responsible for deciding which provider to use and the hourly rate.
Applications open immediately
For information and interest in the RMAP Loan, please contact Sherry Waner, Senior Vice President Specialized Commercial Lending, at AllSpecialLending@fswb.com, 970.946.6160.