Eastern Colorado Small Business Loan Program

The Eastern Colorado Small Business Loan Program is an affordable, flexible, and friendly loan program available to small businesses and nonprofits located in eastern Colorado counties who have been impacted by the COVID-19 pandemic, with the goal of protecting jobs and investing / reinvesting in their communities in the short, medium and long term.

The program is open to eligible entities located in communities and town with populations under 50,000. Specifically, the program is open to small businesses and nonprofits located in: rural Adams County, rural Arapahoe County, Baca County, Bent County, Cheyenne County, Crowley County, rural El Paso County, Elbert County, Huerfano County, Kit Carson County, Kiowa County, Las Animas County, Lincoln County, Logan County, Morgan County, Otero County, Phillips County, Prowers County, rural Pueblo County, Sedgwick County, Washington County, rural Weld County, and Yuma County.

Different loan amounts are available under this program and all are repayable over forty-eight months (four years) at a fixed interest rate of 3.00% with no repayments of principal or interest due during the first six months of the loan. An origination fee of 1.00% plus a $15 wire transfer fee will be withheld from loan proceeds when a loan funds. There are no upfront or other fees associated with this loan program and loans can be pre-paid in full or part at anytime without penalty.

Applicant InformationCompany Name: DBA / Trade Name: Tax ID #:

Primary Phone #: Website: Email:

Street Address: Unit or Suite #:

City: Zip: County:

Date Business Started: Legal Structure of Business: State Incorporated:

Person Completing this Application: Type of Business:

How many full time employees did you have as of 02/15/2020?

How many full time employees do you have now?

How many full time employees do you hope to have on 12/31/2020?

Who do you currently bank with?

Have you, a family member, or close relative owned a small business before? Me Parent(s) Relative

How much are you looking to borrow? $5,000 Payment of $127.45 per month over 42 months

$10,000 Payment of $254.90 per month over 42 months

$15,000 Payment of $382.34 per month over 42 months

$20,000 Payment of $509.79 per month over 42 months

$25,000Payment of $637.23 per month over 42 months

More than $25,000 Larger loans are available on request although addi-tional information will be required from applicants.

Powered by:

Character Based Small Business Lending Fund

Supported by: Supported by:

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Is your business (check all that apply)? Woman Owned? (51% or more)

Minority Owned? (51% or more)

Veteran Owned? (51% or more)

Millennial Owned? (born in or since 1980)

How did you find out about the Eastern Colorado Small Business Loan Program? Web Search Engine Social Media Newspaper / Radio / TV SBDC

Chamber of Commerce Local Government State of Colorado Other

How do you plan to use the requested funding?Payroll Costs $ Rent $

Utilities $ Interest Expense $

Refinance Debt $ Purchase Inventory $

Marketing/Advertising $ Renovations $

Buy Equipment/Machinery $ General Business Expenses $

Other (please identify) $

Please introduce the management team who helps you run / operate your business? What sort of background do you / they have and who else is helping you run or manage your business? Do you have a mentor?

What accounting system or program do you use to keep track of income and expenses?

How has the COVID-19 pandemic impacted your business?

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What have you done to reduce costs, defer expenses, etc., to help you survive COVID-19?

How is the business owned? Please complete the following table for everyone with any ownership interest in your business. (Must total 100%) Demographic informa-tion is being collected by Colorado Lending Source solely for the purposes of economic development reporting.

Name Title % Ownership

Demographics

Male Female Veteran Service DisabledRace: Ethnicity:Male Female Veteran Service DisabledRace: Ethnicity:Male Female Veteran Service DisabledRace: Ethnicity:Male Female Veteran Service DisabledRace: Ethnicity:Male Female Veteran Service DisabledRace: Ethnicity:

Total Ownership =

Does your small business have any existing loans or other obligations? Please list all current notes, lines of credit, mortgages, credit card, and, any other loans due to any organization or individual.

Lender Original Amount $

FundedDate

PresentBalance

InterestRate

MaturityDate

MonthlyPayment Collateral

In addition to completing and returning this application, please provide copies of:YEAR-END 2019 BUSINESS FINANCIAL STATEMENTS: Copy of the 2019 year-end business financial statement (Profit & Loss statement plus a Balance Sheet) OR a copy of your 2019 tax return.

INTERIM 2020 BUSINESS FINANCIAL STATEMENTS: Copy of the March 31 2020 (or more recent) business finan-cial statements (Profit & Loss statement plus a Balance Sheet).

DRIVERS LICENSES or other acceptable government-issued form of identification for anyone owning 20% or more of the business involved with this loan application.

Required Certifications As part of your application, we ask you to acknowledge the following by putting your initials next to each true statement:

____ The business applying for this loan is an equal opportunity employer and complies fully with all Colorado and federal laws with regard to discrimination and unfair employment practices. The applicant business does not discriminate against any employee or applicant for employment, nor against any person purchasing the applicants products or services, on the basis of race, creed, color, national origin, sex, marital status, familial status, religious belief, ancestry, mental or physical handicap, or age.

____ At least 51% of the ownership of the business applicant is held by U.S. Citizens or by legal permanent residents.

____ The business applicant maintains all licenses required by the State of Colorado.

____ The business applicant and all 20% or more owners of the business have disclosed information relating to any bankruptcies, per-sonal or business.

____ The business applicant and all 20% or more owners of the business and / or any affiliated businesses, are NOT involved in any existing or pending lawsuits.

____ The business applicant and all 20% or more owners of the applicant business and / or any affiliated businesses are NOT delinquent on any federal obligations nor any child support requirements.

The Eastern Colorado Small Business Loan Program is open to most small businesses and nonprofit entities with the exception of: marijuana businesses, liquor stores, consumer cooperatives, dealers of rare coins and stamps, businesses that derive more than 10% of annual gross revenue from gambling, racetrack operations, golf courses, cemeteries, R & D projects that involve technology not commer-cially available, pyramid sales schemes, real estate investment firms, and firearms dealers.

All Eastern Colorado Small Business Loan Program loans will be fully amortized over 48 months with an interest rate of 3.00%. No payments are due the first six months after the loan funds. A one time loan processing and origination fee of 1% will be withheld from proceeds only at funding, along with a $15 wire transfer charge. No other fees are associated with the loan and the loan may be prepaid in whole or part at any time without penalty.

Colorado Lending Source commits to protecting any and all personal information provided in conjunction with a loan application, and also commits to collect and disclose this information only as allowed by law.

The undersigned, as the duly authorized representative of the business applying for assistance under the Eastern Colorado Small Busi-ness Loan Program consents to the sharing of information, both business and personal, related to this loan application.

Signed: _____________________________________

Name: ______________________________________

Title: _______________________________________

Date: _______________________________________

Company: ___________________________________

Please submit this completed application and all requested items to: submitMainStreet@coloradolendingsource.org

The Eastern Colorado Small Business Loan Program is powered by:

1441 18th Street, Suite 100, Denver CO 80202 Tel: 303-657-0010

www.ColoradoLendingSource.org

“Remarkably different business lending”

Loan application updated 05/27/2020 Copyright 2020 Colorado Lending Source

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