Fund offers loans to Waldo fire businesses

cash1Local banks have teamed with the Colorado Springs Regional Business Alliance and other community partners to offer $10,000 loans to small businesses that were affected by last summer’s Waldo Canyon fire.

The loan amount is up to $10,000 at zero interest for 12 months and then 12 percent thereafter. There is no loan fee and the terms are 36 to 48 months, with $50 per month paid by the borrower toward the principal in the first 12 months.

“Many businesses are still in need of financial assistance,” said Aikta Marcoulier, director of the Small Business Development Center. “We are still working with those businesses that need help and we are thankful for this option.”

Businesses that are eligible must be an existing business in El Paso or Teller counties; must demonstrate 10 percent or more reduction in sales in 2012 over the same period in 2011.

Immediately following the Waldo Canyon fire, Pikes Peak region business leaders, lending firms, nonprofit agencies and service club members started planning ways to help small businesses. The SBDC estimated that of 7,500 businesses evacuated during the fire, 10 to 15 percent (between 750 and 1,000) were treading water, even several months after the fire.

Businesses interested in the special loan can apply at www.coloradoenterprisefund.org

Colorado Springs Small Business Development Center, 255-3844

Colorado Enterprise Fund, 303-860-0242 ext. 209

Colorado Springs Regional Business Alliance, 471-8183