Denver — Colorado Lending Source in partnership with the City of Trinidad have joined to create a new emergency relief fund with a loan pool of $500,000. The City of Trinidad Small Business Loan Program is an option available to small businesses and nonprofits located in the City of Trinidad who have been negatively impacted by the effects of coronavirus. The intent of these $10,000 loans is to help small businesses survive and rebuild through retaining employees and investing in the future of Trinidad.
Since the COVID-19 pandemic, Colorado Lending Source has partnered with a variety of entities to create five loan pools focusing on various regions and underserved populations around Colorado. This is the sixth pool of financing to help small businesses withstand the challenges of the current economic climate.
Financing is available over 24 months (two years) at an interest rate of zero percent. No repayments of principal are due during the first six months of the loan. Monthly payments over the remaining 18 months will be $555.56.
The City of Trinidad Small Business Loan Program is open to most Trinidad-based small business and non-profits, with the exception of: marijuana businesses, liquor stores, consumer cooperatives, dealers of rare coins and stamps, businesses that derive more than 10 percent of annual gross revenue from gambling, racetrack operations, golf courses, cemeteries, Research and Development (R&D) projects that involve technology not commercially available, pyramid sales schemes, real estate investment firms, and firearms dealers.
For more information go to: www.coloradolendingsource.org/articles/loan-program-trinidad-based-businesses