City of Aspen Small Business Revolving Loan Program
Colorado Lending Source and the City of Aspen have partnered to create the City of Aspen Revolving Loan Program for small businesses. 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
No repayments of principal or interest due during the first six months
No prepayment penalties
More information and to apply: https://www.coloradolendingsource.org/aspen
General Business News
If you are a retail business, hotel, or restaurant owner or manager, please consider what resources your particular industry might have related to COVID-19 such as best practices you can find on industry related websites and membership organizations. In addition links to resources for businesses, schools and childcare, and community organizations from CDC may help.
Business Information Packet print version with links written out
Small Business Development Center of Colorado - Northwest Office