Delta Area Development, Inc.

Developing a stronger economy for Delta County.

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Region 10 League for Economic Assistance and Planning, Inc.

(Region 10) is a non-profit organization serving as an alliance of government and business. Region 10 serves Delta, Gunnison, Hinsdale, Montrose, Ouray, and San Miquel Counties.

Region 10 administers the following loan programs:

Revolving Loan Fund (RLF).

 The purpose of the RLF is to provide financing to new and existing industry and businesses in the Region 10 area. All the RLF loan programs are designed to fill a “gap” in financing. Financial gaps appear when standard lending institutions cannot or will not finance smaller, riskier, or unconventional projects. The RLF works closely with local banks and other financial institutions in providing these funds. In some cases the RLF requires another lender to participate in the financing as a primary lender.

Applicant/Borrower may be corporations, partnerships, sole proprietors, non-profits and municipalities. The funds loaned by the RLF may be used for operating capital, construction (in some cases), machinery, equipment, energy and other supportable expenditures.

Community Development Block Grant.

 This loan fund is designed to improve local economic conditions by creating new jobs or retaining jobs. This program works in conjunction with a financial institution and the loan amount can be up to 20% of the total project with a maximum of $100,000. The maximum term of the loan is 10 years at Denver prime rate or below. At least 51% of the borrower’s employees must be low to moderate income for the previous 12 months.

The Revolved Loan Fund.

This loan fund is funded by other loans that have been paid off. The dollars then become “revolved” money. Once the money has “revolved” the RLF lends it back to other businesses in the community for the benefit of all. The fund is designed for start-up businesses or companies needing capital to expand. The loan can be used for working capital, equipment, furniture, fixtures or inventory.

The Energy Loan Fund.

This loan fund is used to improve the conservation of energy throughout commercial or industrial building. It can be used for new construction of a building in need of a retrofit. This fund provides low-interest loan in cooperation with local lending institutions (up to 50% of total loanable package) and/or $50,000 whichever is less.

The SBA Microloan Program (SBA).

Region 10 has been selected by the Small Business Administration to serve as an intermediary lender for the microloan program. The loan size may range from $1,000 to $35,000 at an interest rate of 10.5% for no more than six years. Bank turndown letters are required on all loan requests of $20,000 or above. All loans must be personally guaranteed by the principle(s) of the business. Collateral is required.

Operation Enterprise Loan Fund.

This loan fund was established locally through the cooperation of Qwest, a private individual and several banks in the area. The maximum loan is $10,000 and is generally given to higher risk businesses that do not qualify for bank loans.

The CDBG Microloan Program.

This loan fund is similar to the SBA Microloan Program, but a different source of funds are used.

The Community Development Loan.

This loan fund is available to governments and non-profit organizations that need financial assistance for a project with a clear community benefit. Loan size is generally less than $75,000. Partnership with other agencies is encouraged.

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