Larimer County Offers $5 Million Small Business Recovery Loan
In a press release, the City of Fort Collins announced that small businesses affected by COVID-19 can now apply to be a recipient of the multi-million dollar Larimer County Small Business Recovery Loan Fund, offered in part by Bohemian Foundation.
The $5 million recovery loan is accepting applications from eligible businesses. To qualify, businesses must be located within Larimer County, employing less than 20 workers and have been 'economically viable' prior to the restrictions put in effect as of March 15, 2020. Loans will range from $2,500 to $50,000.
The fund will be managed by the Colorado Enterprise Fund, with $2 million of the $5 million coming from Bohemian Foundation, the organization behind Fort Collins' annual Bohemian Nights: NewWestFest, which was canceled for the summer of 2020 because of COVID-19. The Bohemian Foundation was founded nearly 20 years ago by Fort Collins resident Pat Stryker.
'The remaining $3 million in lending capital [will] be raised through regional collaboration with local foundations, banks, municipalities, private businesses and individuals,' the press release states.
'The loan fund will provide much needed capital to stabilize business and enable them to rebuild and recover,' David May, Fort Collins Area Chamber of Commerce President, said in the release. 'A big thank you to the Bohemian Foundation and the City for their leadership.'
Businesses that would like to apply can do so here.