The Town of Carbondale (Town) developed the Revolving Loan Fund (CRLF) to enhance the ability of local businesses to secure the necessary capital to finance start-ups, operations, or expansion.
The fund loan fund was set up in 2002 with a 50/50 partnership with the USDA. The Town and the USDA both contributed $50,000.
In addition to providing access to capital, CRLF is designed to help stimulate job creation and retention. Loans are available to new or established businesses that are located within the town limits of the Town of Carbondale.
Send a one page summary describing your loan need, payback timeframe, and ability to repay the loan to Colin Laird, Third Street Center (email / 970-963- 3221 x3).
Loan proceeds may be used for business reasons, including real estate acquisition, construction, and equipment.
Funds cannot be used for the refinancing of existing debt. Applications will be considered on the basis of the character of the applicant, the applicant’s capacity to repay the loan, collateral and/or other sources of capital, and conditions affecting the applicant’s ability to repay the loan.
The application will include financial and background information, including financial statements, financial projections, and a business plan. DOWNLOAD LOAN APPLICATION HERE.
The guideline for the amount to be requested is $5,000 to $25,000.
The interest rate will depend on several factors such as the type of collateral, financial strength of the applicant, and the overall risk. Fixed rates of interest will range from 3% to 10%.
The term of each loan will depend on repayment capabilities and the purpose of the loan. Repayment is monthly and loans are usually no longer than a 36 months term. (3 years).
Today, the fund has roughly $130,000 to loan to for-profit businesses based in Carbondale.
Colin Laird, Third Street Center, 520 South Third Street, Carbondale, CO 81623. Reach Colin via email or by phone, 970-963- 3221×3.
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