SUPPORT AND RESOURCES FOR BUSINESSES IMPACTED BY COVID-19: The Telluride Foundation offers counseling, mentorship, and emergency loans to small businesses

  • Published
  • On May 6, 2020

TELLURIDE, Colorado (May 6, 2020) –       In response to COVID-19 many regional businesses are trying to determine how and if they can operate in a new reality. In order to be responsive to local businesses, the Telluride Foundation has initiated the “Telluride Regional Relaunch Project.” The purpose of the project is the help assist businesses navigate programs created in response to COVID-19, as well as help coach businesses on business modeling, marketing, and cash flow assistance. Any for profit or nonprofit business located in San Miguel, San Juan, Ouray, Dolores and West Montrose counties can sign up to meet one-on-one with Telluride Foundation staff or mentors with knowledge in the following areas: Economic Injury Disaster Loans, the Paycheck Protection Program, unemployment claims, tax credits, business cash flow, business modeling, and/or new marketing strategies post-COVID-19. If you would like to set up a meeting with a member of the Relaunch team, please submit a COVID-19 Business Assistance Request form here: https://docs.google.com/forms/d/e/1FAIpQLSeEyhSapE6GckzJaglQV_AgbZitQLlg_q_zmG_pXLpfYamhWg/viewform?usp=pp_url

The Telluride Regional Loan Fund recently carved out $200,000 from its $2 million loan fund to establish the “COVID-19 Emergency Loan Fund” for rural businesses affected by the pandemic. The borrower may use the proceeds for operational expenses. Specifically, funds may be used for working capital and business continuity, but not refinancing debt. The awarded loan amount is between $5,000 and $10,000, with a 3% interest rate amortized over seven years. The first loan payment is due after 180 days, and there is a $100 loan fee. Any for profit business or startup that has been in operation for at least a year and is located in Dolores, Montrose Ouray, San Juan or San Miguel counties may apply. If interested, please fill out the preliminary application here and our team will contact you: www.fswcf.org/trlf-emergency-loan-fund

The Telluride Foundation launched the Telluride Regional Loan Fund in 2019 as a $2 million operating working capital loan fund designed to support rural business startup, growth and job creation and retention in southwest Colorado. The purpose of the fund is to help uniquely rural and un-bankable businesses bridge the capital gap until they can become commercially bankable. The Loan Fund is a partnership with ZOMALAB and First Southwest Community Fund.

The Telluride Foundation exists to create a stronger Telluride and regional community through the promotion and support of philanthropy. 2020 marks 20 years of making more possible through the Telluride Foundation’s commitment to enrich the quality of life of the residents, visitors, and workforce of the Telluride region. Currently, we are meeting this mission through our response to the COVID-19 pandemic. We have created the regional Coronavirus Response Fund, which supports community-based organizations and vulnerable individuals and families in the Telluride region, including San Miguel, Ouray, west Montrose counties and Rico. The Fund is targeted to assist in three urgent areas: 1) the  Good Neighbor Fund, family/individual emergency assistance for food, rent, medical (including behavioral health treatments); 2) emergency grants to  health and human service nonprofits, including regional medical clinics, food banks, and schools to provide meals for students; 3) expanded internet access and infrastructure necessary for students and teachers to participate in remote learning.  Please click HERE to read more or donate now.