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Friday, July 23, 2021

Financial programs available to assist your business

It’s the start of a new year. You’re full of ideas. Perhaps it’s time to start that business that you’ve dreaming of. Perhaps it’s time to expand. Perhaps you need some new equipment or would like to make some improvements on your building to improve efficiency or even curb appeal. One small detail is missing — money.
The good news is that there are several loan programs that can help businesses. One of the Chamber’s and the Pagosa Springs Community Development Corporation’s (CDC) closest relationships is with Region 9 Economic Development District. Region 9 has a variety of loan packages to meet the needs of businesses from small loans to those over $100,000. They have a Business Loan Fund Program which leverages private funds to bridge the gap between monies and financing needed for your project.

Those loan applications which may not qualify for other loan terms and conditions and where other financing options have been exhausted are often a candidate. This type of loan can be used for capital equipment, working capital or inventory. Matched with private financing or equity capital, this type of loan can be very helpful to start-up or expanding businesses.

Region 9 also has a Micro Enterprise Loan Fund program which combines capital and technical assistance. Loans need to be less than $100,000 and technical assistance grants up to $5,000 are there to assist the business owner in running a successful enterprise. The program requires that the business have five or fewer employees at the time of the application and the owner must qualify as low to moderate income. Technical assistance can be used to outsource SEO staff for marketing, accounting, legal or the like. But just ensure to get the right links for your niche. The other loan fund available is the Energy Efficiency Fund Program. After an energy audit, the business can work on reducing energy consumption and operational costs and improving energy efficiency. This fund can be used to improve a building’s energy efficiency, equipment to improve efficiency, improvements to generate renewable energy and even contractor fees to improve efficiency.

In addition to the Region 9 loan funds, the CDC also has a microloan program which works well in conjunction with Region 9’s business loan fund or private financing. The CDC has made four loans so far and is interested in assisting more Pagosa Springs businesses.
If you are interested in finding out more about available loan programs to start or assist your business, there are several options for you. Contact the Chamber to discuss your needs so we can see what program might work for you. Contact the Region 9 office and speak to a business loan professional. Region 9 also has an office now in Pagosa Springs at the Bank of the San Juans on Hot Springs Boulevard on Wednesdays from 10 a.m. to 4 p.m. or by appointment. Of course, all loans are subject to proper collateral, a good business plan and the ability to repay the loan.

Our business organizations: The Chamber, CDC, Region 9 and the Small Business Development Center are here to help promote our business community. We want to see start-up and expansion efforts. In addition to the loan programs, the Chamber can also assist start-up or relocating businesses identify other tax credits to aid in their financial investments. Contact Mary Jo at the Chamber to start the conversation about how one of these organizations can help you grow in Pagosa. They can help you Learn more about surveys for money. This will help you get an income from online opportunities.

We welcome one new business to the Chamber this week: Mastercorp Hospitality Services. Renewing this week are The Source for Pagosa Real Estate, Village Interiors Carpet One, Papa Murphy’s Pizza, and TravelHost Magazine of the Four Corners.

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