Project Description

Innovate Onwards / CLIMBER Loan Fund

Program Details

The Innovate Onwards Fund provides flexible working capital up to $500,000 to existing and new businesses across rural Colorado to build back our rural economies. The Innovate Onwards Fund is supported by ZOMA Foundation and the CLIMBER Fund.

The Innovate Onwards Fund is designed to support our rural businesses as they enter the recovery and rebuild stage of the pandemic. Each business has been affected differently by COVID, and the wealth of needs that exist to rebuild, recover and grow are broad. Some businesses have been left with little working capital to purchase inventory, invest in health and safety upgrades, or shift their business models in this new environment. Others have found new demands for their services and have outgrown their capacity. Whatever your needs, we are here to help!

There are two loan types:

  • Level I: Loans up to $150,000: Start-Ups or Small Businesses
    • Eligible businesses: Start-Ups (less than two years old), Small Businesses in rural Colorado
    • Loan size: $10,000-$150,000
    • Interest rate: 3.5%
    • Length of loan: 7 years
    • Use of capital: Working capital and operating needs
    • Loan payments: Deferred for first 3 months
  • Level II: Loans of $150,000-$500,000: Existing businesses with more than five employees
    • Eligible businesses: Existing businesses (no start-ups) with 5-99 employees (including PT/contract workers) who were profitable for two years prior to February 26, 2020 in rural Colorado
    • Loan size: $30,000-$500,000
    • Interest rate: 3.9%
    • Length of loan: 5 years
    • Use of capital: Working capital
    • Loan payments: Deferred for first 3 months
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