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Greeley Community Development Fund
Upstate Colorado serves as the Administrator for the Greeley Community Development Fund (GCDF), a revolving loan fund exclusively for businesses within the City of Greeley.
Program Summary
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.
Since the GCDF was started in 2002, loans or guarantees totaling $462,972 have been made--which have leveraged more than $1.8 million in investment. Greeley businesses created or retained more than 63 full and part-time jobs as a result of these loans.
Program Priorities
All for-profit business enterprises located within the City of Greeley are eligible for the program; however, special priority will be given to business development or redevelopment projects located within the downtown area and/or projects of Hispanic/minority ownership.
Selected projects for funding and/or loan guarantees are expected to create or retain jobs within the city and stimulate the general business development and redevelopment goals of the City of Greeley.
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 year.
- 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