$500,000 in capital added to loan fund
An organization that helped launch 260 companies and retain more than 10,000 Mesa County jobs during the last 24 years recently added $500,000 to its business loan fund, Terri Benson of The Business Incubator Center said.
Drawn from federal Community Development Block Grant money distributed by Mesa County on behalf of the State of Colorado, the $500,000 in additional funding to the Business Loan Fund of Mesa County will be available for working capital, real estate purchases, capital expenditures, start-up expenses and equipment.
The business loan program, which operates out of The Business Incubator Center, is designed to stimulate economic activity by providing greater access to capital for business expansion and retention, Mesa County Commissioner John Justman said.
The Business Loan Fund provides gap financing in tandem with traditional lenders for existing small businesses situated in Mesa County, Benson said.
“More than 95 percent of the businesses that receive funds through the program are successful,” Justman said.
The fund provides an additional source of capital when others have been exhausted. It will consider loan requests from applicants who have been denied financing from other lenders, Benson said.
“Our program was designed to help you obtain funding as well as develop important management tools to improve the chances for success in your business venture,” Benson said.
“The staff at BIC is here to help you through the application process, so please feel free to ask for assistance as you need it,” Benson said.