Press Release 7/1/2020 – Alamosa City Council Small Business Bridge Loan Program

City Council recognizes the burden many small businesses are facing as we continue to work through the challenges of the COVID-19 business cuts and closures. The City previously awarded $98,000 to businesses. It is recognized by City Council that some businesses may not have required assistance during the first round of loans but may find themselves in need at this time, due to the duration of closures and limitations. In response, the City has established a second round of loans at 0% interest, to qualified, Alamosa businesses in an effort to help bridge any financial gap experienced as result of this event. This bridge loan is intended to give necessary time to re-establish and stabilize as you regain operations.

There will be up to $100,000 again allotted in this current round of funding. Loans of up to $20,000, with the average loan awarded expected to be significantly less, would be available for up to an 18-month period. Payments on the loan are accepted, but not required, for the first 12 months of the 18-month loan. Payments will be amortized, as agreed upon between city and business owner, upon individual circumstances. There will be no exceptions for extension of first payment requirement beyond the 12-month loan origination date or last payment of loan beyond the 18-month loan period.

A business applying for the loan must meet the following criteria:

  • Own a small business employing less than 25 employees
  • Must have a physical, non-home based, location within the City limits of Alamosa o Must hold a current Alamosa Business License/Sales Tax License issued prior to March 1, 2020 (If such a license is required for business seeking loan)
  • As of March 1, 2020, is current on all sales, use and lodging tax to the city and county of Alamosa
  • As of March 1, 2020, is current on all utility payments to the City of Alamosa
  • Must agree to sign a document of personal guarantee to return the amount borrowed, in full, per the agreed upon terms or relinquish collateral, in the form of inventory or any agreed upon collateral by the city and borrower The business must present documentation of fixed costs that cannot be recovered due to a decline in revenue as a result of COVID-19; summary of any other programs/benefits you have applied for and/or received related to the Covid-19 event or reasoning for declining to apply for available resources available and fitting of your needs.
  • Lastly, a business recovery plan summary of expected expenses and projected needs and time frame to return business to near normal operations.
  • Applications will be accepted during regular business hours, 8 a.m.-5 p.m., M-F. Application deadline is 5 p.m. on July 13.

For more information, questions about the program, or assistance with an application, please contact City of Alamosa Economic Development Director Kathy Woods at (719) 587-2546 or by email at kwoods@ci.alamosa.co.us. You can also download an application at the City’s website: cityofalamosa.org/economic-development/local-business-support/.

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The City of Alamosa is a multicultural community of 9,000+ centrally located in the San Luis Valley of Southern Colorado. The City was incorporated in 1878 and is the gateway to the Great Sand Dunes National Park and Preserve where more than 525,000 visitors enjoy Colorado’s natural beauty each year. For more information, visit us at www.cityofalamosa.org.

 

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