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​Monday April 13 2020
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Small Business Association provides great information for business owner

The CARES ACT Paycheck Protection Program (PPP) loans rolled out Friday, April 3. These
SBA loans are intended to keep employees on the payroll by covering up to six months of
payroll and other expenses. With proper documentation they may be forgiven. Business owners
apply directly to authorized SBA lender banks. The Southern Colorado Small Business
Development Center (SBDC) has certified business consultants working remotely during regular
business hours to answer questions and provide information on how to apply for the loans.
Business owners in Pueblo, Fremont, Custer, and Huerfano counties can contact the SBDC by
registering on its website: https://www.southerncoloradosbdc.org/.
The Southern Colorado SBDC is affiliated with Pueblo Community College, the Colorado
​
SBDC Network, and the SBA.
Contact:
Iris Clark,
Southern Colorado SBDC Transitional Director
719 330-1175
Iclark591@comcast.net

EMERGENCY BUSINESS LOAN FUND ​

EMERGENCY BUSINESS LOAN FUND 
MICRO L0AN FUND COVID-19 EMERGENCY LOAN FUNDS 
General Eligibility 
Credit 
principal business owner(s) must have reasonable and responsible personal credit history and an acceptable explanation for any derogatory marks. Bankruptcies and debt write-offs must be at least 12- months old 
Cash Flow 
businesses must show that historical profits were sufficient to service the requested debt and have been impacted by the COVID-19 outbreak 
Location 
primary business operation located in Pueblo, Fremont, Huerfano, and Custer counties will be given priority  
Microloan Use of Funds 
must be for reasonable and eligible working capital expenses 
Microloan Requirement 
job retention 
Collateral 
evaluated on a case-by-case basis 
Required Guarantors 
all business owners who hold 20% or more ownership must guarantee the loan 
Co-Signer 
a co-signer with reasonable credit and sufficient income to re-pay the loan can be included as a guarantor to mitigate weaknesses in the loan request 
Application Fees 
$25 for an individual, $50 co-borrower (waived for 90 days – July 1, 2020) 
Important Documentation 
·         Complete Loan Application 
·         Business Tax Returns (1 year, if available) 
·         Interim Business Financial Statement 
·         Personal Financial Statement 
·         Personal Tax Returns (1 year) 
·         Bank Statements (3 months) 
·         Sources and Uses of Funds 
Microloan Terms 
Loan Limits 
$1,000 to $20,000 
Interest Rate 
- Option 1: 0% for a term of 6 months 
- Option 2: 2% term of up to 2 years 
Term 
6 months to 2 years 
Loan Fee 
3%; 2% origination, 1% loan loss reserve 
Eligible Uses 
Working capital only 
Eligible Borrowers 
- Option 1: micro-enterprises that are low-income or will retain low-income jobs 
- Option 2: small businesses that will retain low-income jobs 
Repayment 
Begins at 60 days 
 ​

​SBA lenders in the local area

PUEBLO  
Minnequa Works CU 4700 Eagleridge Circle (719) 544-6928  
Power CU 1615 E. Evans (719) 564-0710  
Pueblo Bank and Trust Co. 301 W. Fifth St. (719) 545-1834  
Pueblo Horizons FCU 1825 Hood Ave. (719) 542-5773 Sunflower Bank 510 W. 29th St. (719) 565-4200  
Sunwest Educational CU 4141 Sovereign Circle (719) 275-3261 
Bank of the San Juans 1-866-618-2675 
 
CANON CITY 
First National Bank of Canon City 531 Main St. (719) 275-2311  
Fremont Bank Corp. 532 Main St. (719) 275-3344 
Pueblo Bank and Trust Co. 1401 Main St. (719) 269-9100 ​
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Westcliffe, CO 81252

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