Emergency Micro-Loan Fund

General Eligibility

Credit: Principal business owner(s) must have reasonable and responsible personal credit history and an acceptable explanation for any derogatory marks. Bankruptcies and debt write-offs must be at least 12 months old

Cash Flow: Businesses must show that historical profits were sufficient to service the requested debt and have been impacted by the COVID-19 outbreak

Location: Primary business operation located in Pueblo, Fremont, Huerfano, and Custer counties will be given priority 

Microloan Use of Funds: Must be for reasonable and eligible working capital expenses

Microloan Requirement: Job retention

Collateral: Evaluated on a case-by-case basis

Required Guarantors: All business owners who hold 20% or more ownership must guarantee the loan

Co-Signer:  A co-signer with reasonable credit and sufficient income to re-pay the loan can be included as a guarantor to mitigate weaknesses in the loan request

Application Fees: $25 for an individual, $50 co-borrower (waived for 90 days – July 1, 2020)

Important Documentation:

·         Complete Loan Application

·         Business Tax Returns (1 year, if available)

·         Interim Business Financial Statement

·         Personal Financial Statement

·         Personal Tax Returns (1 year)

·         Bank Statements (3 months)

·         Sources and Uses of Funds