Business Loan Fund
The El Paso County Business Loan Fund (BLF) is a loan pool administered locally by the Pikes Peak Regional Development Corporation for El Paso County.
Goals: The primary goals of the BLF are to create and retain jobs and to expand and diversify the economic base of El Paso County. Highest priority will be given to manufacturing operations that create new investments in El Paso County.
Eligible Areas/Businesses: The BLF monies are available to private, for-profit businesses. Any business within El Paso County, with the exception of the City of Colorado Springs, is eligible. For manufacturers or Enterprise Zone businesses, eligibility has been expanded to include the City of Colorado Springs.
Funds: The BLF is primarily for financing fixed assets, including land, buildings, machinery, and equipment. Working capital and inventory are also eligible uses of loan funds. Minimum and maximum dollar amounts available for each loan are $10,000 and $200,000, respectively. Priority will be given to projects that exhibit the greatest public benefit. Generally, the BLF assistance may not exceed forty percent (40%) of the total project cost, and the borrower’s equity contribution will be at least ten percent (10%) of the total project cost. A typical loan funded through the BLF will leverage additional investment for a project.
Terms: With the BLF program, loan terms are flexible and are determined on a case-by-case basis depending on the life of the asset being financed. Real estate loans will usually have a term ranging from seven to ten years; capital equipment loan terms usually range from three to five years; and working capital loan terms usually range from one to three years. All loans are fully collateralized and personal guarantees are required of all borrowers. Interest rates will be fixed at a rate that is below market rates at the time of closing.
For More Information: Please contact Pikes Peak Regional Development Corporation (PPRDC) with any questions or to begin your application process for BLF assistance.