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PHASE II - COVID-19 Small Business Emergency Loan Application


  1. 1. Program Overview
  2. 2. Application
  3. 3. Statement of Understanding & Certification by Applicant
  • Program Overview

    1. The COVID-19 pandemic continues to create challenges for the small business community in Rifle. Due to local, state, and national orders, many businesses continue to be forced to dramatically limit operations. This Fund is designed to help businesses bridge the gap in operating expenses while regulations are limiting operations.

    2. To qualify for funding, businesses must meet the following criteria:

      1. Applicant has been forced to limit operations due to the COVID-19 pandemic.
      2. Applicant must have been open as of March 1, 2020 with a physical, store-front address within Rifle city limits. (Home-based businesses are not eligible.)
      3. Applicant applying for the funding must be a small business with less than 50 employees and have local ownership.
      4. Applicant must be in good standing with the City of Rifle and/or Colorado Secretary of State
      5. Applicant must provide a line-item budget of the operating expenses for which the loan will be used.
      6. Borrowers are strongly encouraged to work with the RREDC and the Northwest SBDC, over the course of the loan, on their business plan and model in order to have a higher likelihood of success.

    3. Loan payment/forgiveness clause:

      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 operating expenses shown in line-item budget within six months of origin date.

    4. Minimum/Maximum Loan Sizes:

      Maximum loan amount will be $2,000 based on documented need/approved use of funds.

    5. Loan Fee:

      There will be no fees associated with the loan.

    6. Term:

      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.

    7. Collateral:

      The loan is unsecured, but will require unlimited personal guarantees of any business owner with 20% or more ownership of the business.

    8. Draw Period:

      Borrower may fully-draw the loan within 24 hours of closing.