Loan Fund

Loan Fund2018-11-14T12:48:07+00:00

The Business Loan Fund (BLF) of Mesa County is a lending program operated by the Western Colorado Business Development Corporation (The Business Incubator Center). The BLF was created to enable businesses to grow, create jobs, and improve the local economy.  Generally, loans are made to businesses unable to get full financing needs met by traditional lenders (gap financing).  We will consider loan requests from applicants who have been denied financing from other lenders.  BLF capital is replenished by repayment of principal and interest from past loans, as well as government grants and private funding. The BLF first began lending in 1986. Ninety-five percent of the businesses who have received BLF loans have succeeded, adding jobs and additional tax dollars to the Mesa County economy.  The BLF recycles dollars, lending them back to other businesses in the community for the benefit of all.  In addition to financing, our program is designed to help business owners develop management tools and improve the chances for success in their business venture. The staff at BIC is here to help through the application process, so please feel free to ask for assistance as you need it.

Business Loan Fund FAQs

  • Business must be for-profit.
  • Must be located within Mesa County, and must remain in the county for the term of the loan.
  • Preference given to businesses that will create or retain jobs in the county.
  • Most often acts as a “secondary” lender. Typically, potential borrowers will obtain a majority of their project financing from other sources.
  • Loan amounts range from $8,000 to $300,000 (see micro loan funds for smaller loan amounts).
  • Terms typically extend 3-7 years. One year line-of-credit loans also available.
  • Interest rates vary, depending on the risk and economic incentives.
  • The BLF will seek to secure the loan with available collateral, but insufficient collateral is not a sole reason for rejection of loan application.
  • Less than ideal credit is not a sole reason for rejection of loan applications.
  • Loans are available for working capital, inventory, equipment, building improvements, and real estate.

Loan funds for businesses inside the City of Grand Junction and the City of Fruita may be eligible for loans from the City of Grand Junction CDBG Loan Fund or the City of Fruita Loan fund.

Micro Loan Funds: The “Bootstrap Fund” is a loan program only available to Incubator Client Companies.  It is designed to provide low interest, short-term loans to help finance the expenses associated with completing certain contracts or purchase orders. The Petersen Fund and Women Foundation of Colorado Fund are micro-loan programs that provide start-up or expansion money to small businesses in Mesa County. These funds require the business owner to meet the State of Colorado low-to-moderate income guidelines. The initial funding for these programs came from private donations/grants.

Micro Loan FAQs

  • $1,500 to $5,000
  • Terms are 1-3 years
  • Current prime rate interest
  • Can be used for start-up or existing business expenses, capital expenditures and working capital
Download Loan Fund Application
Download Cashflow Worksheet
Business Plan Template

APPLICATION INSTRUCTIONS: Please fill out the application in full, including signatures as needed. You may include your own resume form in lieu of the resume attached to the application. An application ready for submittal to the Business Loan Fund also requires:

  • The last three year’s business and personal tax returns.  If you are a sole proprietorship or have not yet been in business, please include your personal tax returns.
  • A business plan.  If you do not have one, and would like assistance in putting one together, please contact the Front Desk to schedule an appointment with an SBDC coach or SBDC staff. A template is available by clicking the Business Plan Template link above.
  • A 3 year cash flow projection. A template is available by clicking the Cash Flow Worksheet link above.
  • If your business has been in operation, please provide a current balance sheet, and Year-to-Date Profit and Loss Statement.

If you feel your application is complete, please call 970-243-5242 to schedule an appointment with BLF staff. Additional information may be required to complete the application as determined by BLF staff and your particular borrowing needs. For more information, contact Dean DiDarioHelen Roe, or Sheila Quintana or call 970-243-5242. The Business Loan Fund is accessible to the handicapped. With advance request TDD is available. Please call 970-243-5242 or send and email to our front desk.

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