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The current COVID-19 pandemic has required the State of Colorado to institute strict operating guidelines for restaurants and, in order to follow these guidelines, many restaurants will need to implement a variety of interior and exterior modifications to their facilities. Restaurants will also be required to implement strict cleaning and operating procedures as well as other measures to ensure the safety of customers. This loan program is designed to help Rifle restaurants offset the costs of meeting the new requirements.
1. Applicant must be a primarily dine-in restaurant located within Rifle city limits. Priority will be given to restaurants not located on E. 3rd Street.
2. Applicant must use the funds for interior or exterior modifications or expenses related to the new COVID -19 operating guidelines issued by the State of Colorado.
3. Applicant must be in good standing with the City of Rifle and Garfield County Public Health.
4. Applicant must provide a detailed accounting of the modifications and/or expenses for which the loan will be used including estimated costs.
1. Loans will accrue interest at 3% per annum with no payments due for six months from origin date.
2. Loans will be 100% forgiven if the borrower submits documentation showing payment of expenses shown in line-item budget within six months of origin date.
Maximum loan amount will be $5,000 based on documented need/approved uses of funds.
There will be no fees associated with the loan.
There will be no required principal or interest payments for the first six months of the loan. Should the loan fail to be forgiven, all principal and interest will be due two years from origin date.
The loan is unsecured but will require unlimited personal guarantees of any business owner with 20% or more ownership of the business.
Borrower may fully-draw the loan within 24 hours of closing.
Many businesses will also need to fill out the Planning Department's - Temporary Business Modifications forum, which you can download by clicking here
or going to:
Quantities/sizes are limited and will be based on availability. Lease will be temporary, until the business is able locate and purchase private items.
I have read the program eligibility criteria for the City of Rifle COVID-19 Restaurant Modification Loan Program. I understand that loan awards will be determined at the discretion of the Rifle Regional Economic Development Corporation (RREDC) based on the program eligibility criteria and the responses provided in this Application. I understand that loan funds are limited, and that submitting an Application does not guarantee a loan. I further understand the RREDC may terminate the program at any time, for any reason, without prior notification.
I certify that I am authorized to sign this Application as or on behalf of the Applicant. I agree to verify any of the information contained in this Application upon request by the RREDC. If selected to receive a loan, I agree to provide, within six months of receiving the loan, a report to the RREDC, including receipts, demonstrating how the loan funds were utilized. I understand that loan forgiveness in contingent upon providing this report. I agree that my business is fully responsible for determining and understanding the effect that my receipt of loan funds, if awarded, may have on any other applications for, my business’ eligibility for, or awards from, other economic aid or relief programs from any other entity whatsoever. I further agree that by submitting this Application, I and my business release and hold harmless the RREDC from any responsibility or liability for any effect the receipt of loan funds from the RREDC may have on such applications, eligibility, or awards from such other programs.
All Applications will become property of the RREDC, and all Applications are subject to the Colorado Open Records Act, C.R.S. § 24-72-200.1 et seq., provided that the RREDC will use its best efforts to maintain the confidentiality of any confidential financial information submitted, as permitted by law.
By signing below, I certify that all information in this application, and all information furnished in support of this application, is given for the purpose of obtaining a COVID-19 Restaurant Modification Loan and that the information provided is true, correct, and complete to the best of my knowledge.
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