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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.
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.
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.
Maximum loan amount will be $2,000 based on documented need/approved use 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.
Check all that apply:
I have read the program eligibility criteria for the Phase II - COVID-19 Small Business Emergency 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 or the City of Rifle 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 Phase II - COVID-19 Small Business Emergency Loan and that the information provided is true, correct, and complete to the best of my knowledge.
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