Northwest Loan Fund

What is the Northwest Loan Fund?

The Northwest Loan Fund is a quasi-governmental agency that specializes in financing for start up and young, expanding small businesses that are unable to obtain conventional funding due to the high risk associated with such businesses. The Fund focuses on projects which diversify the economy, create new jobs, and provide lasting community benefits.

Northwest Loan Fund Application Forms

 

Why Apply With The Northwest Loan Fund?

The Fund offers a longer term than traditional lenders - average term is 60 months. The longer term allows the borrower to make smaller payments, yielding greater cash flow for other business needs.

The Fund offers variable and fixed rate financing at lower than commercial market rates - generally at Prime to Prime plus 2 - Rates which allow the borrower to more easily forecast cash flow needs.

The Fund tailors repayment schedules to the needs of the borrower to maximize cash flow during expansion and/or seasonal business cycles.

The Fund has flexible collateral requirements which may allow a borrower to secure a larger loan to enhance opportunities for success.

How Can Your Business Qualify?

Does your manufacturing, wholesale or service business...

...operate in, or wish to relocate to Eagle, Garfield, Grand, Jackson, Moffat, Pitkin, Rio Blanco, Routt, or Summit Counties?
...need $100,000 in capital for start up or expansion within the next three months?
...expect to create new jobs within the next six months to a year?
...have a well-developed business plan?
...provide a product or service not otherwise available locally?
...generate the cash flow necessary to meet current obligations?
...have a sound earnings history, and/or solid cash flow projections?
...have applied, and been denied a business loan from a local bank or other conventional financing resource?

How Do I Apply With The Northwest Loan Fund?

First, develop a strong and realistically attainable business plan and call the Fund's Program Director to determine eligibility. The address and phone number are listed below. If your business is eligible, you will receive an application package to complete. Basic components of this package are:

a copy of your business plan
a personal financial statement
pro forma financial statements for your business
cash flow projections for your business
resumes of principals and/or managers
authorization to obtain personal credit histories
other documentation, within reason, to assist the loan committee in making a funding decision.

Submit your completed application package, along with a $50.00 application fee by the 15th of the month to:

Northwest Loan Fund
Attn: June Walters
PO Box 2308
Silverthorne, CO 80498

How Long Will I Wait For An Answer?

The Loan Committee of the Northwest Loan Fund meets on an as needed basis. By submitting your application in ample time before a meeting, committee members can examine your package and get answers to any questions that may arise before the meeting date. Then, at the Loan Committee meeting your application can be discussed effectively and a decision can be made at that meeting.

You will be contacted the day after the loan committee meeting and be informed of approval or denial of your loan request.

Other Frequently Asked Questions...

Who is on the Loan Committee?
The Committee is comprised of one volunteer with a business background from each of the nine counties in the Fund's service territory.

How do I develop my business plan?
Call the Fund's Program Director for referral to your nearest Small Business Development Center for technical assistance.

Is this "free government money"?
NO, NO, NO! The principal and interest which is repaid on each loan is recycled in the form of more loans to eligible businesses. Without repayment this loan program could not exist.