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Posted on: August 28, 2020

Small Business Loan Information

small business loan program

Colorado Lending Source and the City of Aspen have partnered to create the City of Aspen Revolving Loan Program for small businesses. Application and more info:https://www.coloradolendingsource.org/aspen

The Aspen City Council approved the creation of this fund to provide longer term, very low interest rate loans to busi­nesses located within the Aspen City limits, including the Aspen Highlands Ski Area, who have been impacted by the COVID-19 pandemic. The intent of these loans is to better support Aspen small businesses with Coronavirus relief needs during these challenging times.

Loan amounts up to a maximum of $30,000 are available under this program at a 1% interest rate over a four-year (forty-eight month) term, with no payments of principal and interest due for the first six months. Funds available under this program are intended to specifically assist with COVID relief efforts.

Applicants must have a valid City of Aspen business license or be willing to obtain one, and be current with all taxes, fees, utility pay­ments, etc. Formula stores are eligible to participate in this program if the owner of the local franchise resides in Pitkin County, including the City of Aspen, the Town of Snowmass Village, the Town of Basalt (Pitkin County portion), or the unincorporated portion of Pitkin County.

The only fee associated with receiving the loan is a $15 wire transfer fee, which will be withheld from loan proceeds at the closing when funds are transferred to the small business. The loan may be prepaid at any time without penalty. Personal guarantees from anyone owning 20% or more of an applicant small business will be required only on loans for $20,000 or more.

City of Aspen Small Business Revolving Loan Program Details:

Loans up to $30,000
1% interest rate
Four-year terms
No repayments of principal or interest due during the first six months
No prepayment penalties

Once you’ve completed the application, please email it to submitmainstreet@coloradolendingsource.org. 

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