By John O’Brien
The Lyons Economic Development Commission (EDC) has announced the establishment of a revolving loan fund
in and for the Lyons area, which would help small businesses grow, prosper, and add jobs to the local economy. Competitive interest rates and payment terms for these loans will be established on a case by case basis by a local seven-person loan committee.
The Small Business Loan Fund Committee encourages local (Zip Code 80540) established business owners who believe they can grow jobs with the help of a loan, to contact Jacque Watson at the Town of Lyons (303) 823-6622, or John O’Brien, EDC Chair (303) 818-9275. The process is simple and easy:
- Contact Jacque or John
- Complete a short loan application (amount, % rate, term, use of funds)
- Meet with LEGG (Lyons Economic Gardening Group) to review the company’s business plan and need for a loan
- Meet with the Loan Committee
The Loan Committee’s goal is to generate the first loan from the USDA RBE Grant within three months. This revolving loan fund can exist in perpetuity if managed correctly. That means that it can be truly “sustainable.” The future of the revolving loan fund will depend on the ability of current and future loan recipients to repay their loans in a timely fashion. It is important to note that the funds to be provided to local businesses are in the form of loan and not a grant. The loans, like any loans, will need to be backed up with a good business plan and sufficient collateral.
Lyons is fortunate to have local resources like LEGG, the Lyons Area Chamber of Commerce, and many excellent information sources available to learn how to start and operate a successful business.
The one important resource that we have not had, until now, is capital in the form of dollar loans. We now have that. Let’s make the most of it.