In partnership with Zoma Foundation and the Climber Fund, First Southwest Community Fund announced the Innovate Onwards Fund, a $4 million program that offers affordable loans to rural businesses, nonprofits and entrepreneurs affected by the COVID-19 crisis.
The Innovate Onwards Fund launched June 10, with the goal of helping businesses rebuild, start-up and grow. The loan fund will serve all rural Colorado with a focus on the Southwestern and Southern counties.
The fund will expand access to capital for rural small businesses with low-interest loans up to $500,000. The fund has two levels. Level one provides loans up to $100,000 for startups or small businesses at a 3.5% interest rate with a 7-year term. Level two provides loans from $100,000 to $500,000 to existing businesses who can show previous profitability at a 3.9% interest rate with a 5-year term.
For more information, visit www.fswcf.org/innovate-onwards.
Other funders interested in contributing may Cass Walker at cass.walker@fswcf.org.
