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Business Financing & Tax Credits

Need funding? Small business loans available

Upper Arkansas Area Development Corporation

A local nonprofit organization created by the Upper Arkansas Area Council of Governments to provide financing assistance to new and expanding for-profit businesses in these counties:

-Chaffee                 -Lake

-Custer                     -Park

-Fremont                -Teller

 

Gap Loans

· Fill the “gap” remaining after primary lender determines it cannot lend all necessary   financing

· Flexible collateral

· Loan amount from $20,000-$125,000

· Flexible loan term

· Interest rate 2% above prime, based on risk

· Owner cash injection 10% of total project (restaurant projects require 20%)

· One full-time job created per $20k loaned

 

Direct Loans

· Borrower has been denied typical sources of financing

· Loan amount from $5,000-$100,000

· Flexible loan term, usually under 5 years

· Other features similar to Gap Loan

 

UAADC financing programs are not intended to compete with or replace private sector financing. A genuine effort to secure private financing is required of all borrowers.

 

Enterprise Zone Tax Credits

Tax Credits   

The Colorado Enterprise Zone Program is designed to encourage development in economically distressed areas by offering state income tax credits.

· Job training tax credit

· New employee tax credit

· Employer-sponsored health insurance tax credit

· Research & development tax credit

· Vacant commercial building tax credit

· Commercial vehicle investment tax credit

· Investment tax credit

· Sales & use tax exemption for manufacturing & mining

· Contribution project tax credit

 

Learn more at www.choosecolorado.com/ez

 

 

Contact: Kristi Brownfield

Phone: (719) 275-8350

E-mail: kristi.brownfield@uaacog.com

 

Upper Arkansas Area Council of Governments

Upper Arkansas Development Corporation

3224-A Independence Road

Canon City, CO 81212

 

“UAACOG/UAADC was very helpful in getting Apple Valley Cider started. We were able to borrow funds for our initial equipment purchase, and now we are planning on using the program again to expand our business.” Kevin Williams Owner/Cider Maker Apple Valley Cider

Funding and support provided by

  • Households Helped

    6247

  • Food Distributed

    202,654 Pounds = 101.33 Tons

  • Estimated Cost

    $654,611.33

  • Total People Helped

    14,561