& COVID-19 EMERGENCY RELIEF
The Durango Creative District has partnered with 1st SouthWest Community Fund in implementing the first revolving Creative Loan Fund for Durango, CO. This loan is intended to help small businesses, nonprofits and individuals with working capital and business continuity.
This loan fund is supported by the United States Department of Agriculture Rural Business Development Grant Program and by the Office of Economic Development and International Trade.
FUNDS ADMINISTERED BY:
FUNDS MATCHED BY:
Photo by Imagesmith Photography
HOW TO APPLY:
1) Click the button below to access a PDF of the Loan Form. This allows the loan advisory committee to get to know you and your business.
2) Email your completed Loan Form to firstname.lastname@example.org
3) Please allow 2-3 weeks for the committee to review your form. A representative from the committee will be in touch with you after receiving your form.
FAQ ABOUT THE LOAN FUND
Q: Is this a grant or a loan that needs to be repaid?
A: This is a loan that needs to be repaid. For this loan fund, the applicant has no payment for initial 90 days. Repayment terms are determined upon application.
Q: What is the interest rate? How does this compare to traditional loan rates?
A: The interest rate is a fixed 2.5%. Traditional loan rates vary across lenders and are between 6% - 13% on average, according to a 2019 national SBA study.
1st Southwest Community Fund has also launched the COVID-19 Emergency Loan Fund for small businesses and nonprofits that are facing challenges during the COVID-19 crisis. This loan rate is also a fixed 2.5%.
Q: What can the loan be used for? What can't it be used for?
A: This loan can be used for working capital and business continuity. This includes rent, paying employee wages, equipment purchases, advertising and marketing, and more.
Q: What criteria is the Creative Loan Fund advisory committee looking for business owners to fulfill?
A: In addition to reviewing your financials, the Creative Loan Fund advisory committee is looking to see that your business/organization benefits our local economy and that the loan goes to support creative services or products that are made/produced here locally, whether by hand or in the mind.
Creative industries include Visual Arts, Design, Agriculture, Literary and Publishing, Film and Media, Venue spaces, Education, Creative Recreation, Craft Food and Beverage, Performing Arts, Culture and Heritage, Public Art and Artisan Products.
Q: What is the advantage of going through the Creative Loan Fund vs. applying for a traditional loan?
A: The Creative Loan Fund advisory committee has purposefully made the application process easier than traditional loan applications, and you will find that our criteria is different than most traditional loans. The committee wants to help business owners meet their needs with minimal obstacles.
For small businesses/nonprofits facing hardships in the wake of the COVID-19 crisis, the Durango Creative District recommends applying for this loan for relief AND/OR the 1st Southwest COVID-19 Emergency Loan Fund. Both loan funds have a fixed 2.5% interest rate and easy application processes.
Q: What is the minimum and maximum funds I can request?
A: You can request a minimum of $5,000 and a maximum of $10,000.
CREATE ART AND TEA
$10,000 LOAN RECIPIENT
"The Durango Creative District and First Southwest Community Fund have helped Create Art and Tea in a tremendous way. This money will help Create continue to showcase 75+ local artist, 35+ different teas (including homemade blends) and provide educational workshops featuring local creative presenters."
Caprice Fox, owner