The Steamboat Springs Economic Development Council (EDC) has established a micro loan program. This program is being offered as a shared effort between the Steamboat Springs EDC, Colorado Mountain College Small Business Resource Center and Northwest Revolving Loan Fund.

The Steamboat Springs EDC Micro Loan Program is a specific loan program to assist small businesses located in Steamboat Springs and the immediate surrounding area. These loans are tailored to the needs of small business owners and entrepreneurs looking to start and/or expand their business. The program will allow individuals access to loans between $1,000 and $30,000.

Steamboat Springs EDC Micro Loan Program is available to small businesses, including home-based businesses, which have the potential to be successful and contribute to the economic strength and diversity in the Steamboat Springs immediate surrounding area. Few commercial lenders offer this type of micro loans because the cost to process these loans is too high in relations to the small amount of interest that is generated from the loan payments.
 

Loan Terms and Use

• Loans are made by the Northwest Loan Fund (NLF) -
• Loan funds are for small start-up or existing art-up businesses, including home-based businesses

Eligible use of funds and terms

1. Purchase of equipment, raw materials, inventory and/or working capital.
2. The interest rate of the loans is typically the prime rate plus 2%
3. Maximum term of loan is 5 years
4. Type of loans available include: (Direct ~ Loan Guarantees and Loan Participations)

The 1% loan origination fee is waived for start-up and existing businesses if the individual agrees to the non-financial criteria as established by the Steamboat Springs EDC.

To be eligible for a Yampa Valley Micro Loan the individual must meet specific financial and non-financial criteria.  The financial criteria has been established by the North West Loan Fund

The Non-Financial criteria have been established by the Steamboat Springs Economic Development Council (EDC) and the Colorado Mountain College Small business Development Center.

An important first step to determine basic eligibility and prequalification is to contact the staff of the Colorado Mountain College Small Business Resource Center (970) 870-4491 or email sford@coloradomtn.edu

Non-Financial Criteria
One of the key goals of the Steamboat Springs EDC micro loan program is to help increase the entrepreneurial skills of individuals thinking of starting or who are new to small business ownership. For this reason to access the micro loan program you may be asked to participate in a class designed to addresses those questions every entrepreneur needs to answer before starting a business venture. Participants develop a start-up business plan during the course to test the feasibility of their business concept and to act as the blueprint for their start-up venture. In addition, you will be asked to participate in a business mentorship program coordinated by the Steamboat Springs EDC and the Colorado Mountain College Small Business Resource Center. This mentorship program has the goal of connecting you to individuals with business expertise to support you in your venture.

These non-financial criteria can be waived at the desecration of the Steamboat Springs Economic Development Council and the recommendation of the Small Business Resource Center.