Revolving Loan Fund (RLF)
The City of Glenwood Springs offers a new financing opportunity through a grant from the U.S. Department of Agriculture (USDA). This revolving loan fund (RLF) will provide low-interest financing options to business owners operating within city limits for the following purposes:
- Fire suppression systems
- Working capital needs
- Acquisition or rehabilitation of fixtures, furniture, or equipment
- Property rehabilitation
- Site improvements
- Limited new construction projects
- Per USDA regulations, any new construction projects require extensive federal review which could take multiple months. If you are interested in using any RLF funding for new construction, please reach out to Matt Nuñez, Economic Development Specialist, at (970) 384-624 prior to submitting an application.
- Amount: Loans will be distributed in amounts between $5,000 and $40,000 or 50% of the total eligible project costs
- Terms: Annual interest rates around 3.0% with a repayment term of up to 7 years
- Application: Eligible business owners must pre-application materials for initial review prior to submitting an application. Please submit all materials (right column) materials to firstname.lastname@example.org within the applicable timeframe.
- Timeline: The RLF Loan Review Committee meets monthly. Applicants can expect to hear about next steps within 4-6 weeks of submitting an application.
- Business must be registered with the Colorado Secretary of State and hold an active business license with the City of Glenwood Springs.
- Marijuana retailers are currently ineligible for the program.
- Gross revenues under $1 million
- Fewer than 50 employees
- More information in the Pre-Application