Greeley Community Development Fund
The Greeley Community Development Fund assists with the financial needs of companies expanding in or locating to the City of Greeley. The Weld/Larimer Revolving Loan Fund, the City of Greeley, commercial banks in Greeley and the Hispanic Loan Program have joined together to provide the initial funding for this loan program.
Loan/Guarantee Terms
- Short-term financing or loan guarantee for up to 45% of total project costs. Remaining project costs to be funded through banks, private investors or other loan programs.
- Minimum loan amount - $20,000
- Maximum loan amount - $125,000
- Maximum loan term - 5 years
- Interest rates - negotiable based on the national prime rate
- Loan collateral - considered on a case-by-case basis. GCDF may assume a 2nd or 3rd position in order to leverage other lender involvement
- Personal guarantee from the borrower required
- At least 10% of the project cost or market value must be invested by the borrower
- Origination/closing fee equal to 2% of the loan amount or guarantee
- Non-refundable $50 loan application fee
Use of Funds
- Business purchase
- Acquisition, improvement or expansion of borrower-occupied real estate
- Purchase of equipment, furniture, fixtures and machinery
- Working capital and inventory
- Re-financing of existing debt in some cases
For more information and an application, visit Upstate Colorado