The Telluride Foundation is at the forefront of several tools and programs to help our regional businesses through this time, when many have had to close, lay-off employees, and face an uncertain economic future. These include: 1) a Community Relaunch Playbook and staff to help businesses and nonprofits understand their financial relief options, especially loans and grants available through the CARES Act; 2) working with businesses to request a sales tax deferment for three months without penalty; and 3) The Telluride Regional Loan Fund 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. Read more about these programs here.
One // Community Relaunch Project underway to help businesses understand their financial relief options
In response to the growing need for assistance navigating the programs born from the CARES Act, in addition to other state stimulus programs, the Telluride Foundation created the Community Relaunch Project. This project is targeted towards small business owners, entrepreneurs, and nonprofit members who want additional guidance, information, and support about grants and low-interest loan options. Moreover, the project’s regional goal is to help as many small businesses and nonprofits as possible so they can maximize the full amount of funding available to them, making the recovery period that much swifter. With this in mind, the Relaunch team is deep in the trenches learning all there is to know about the various funding options so they can provide 1:1 assistance and support. If your business is located in San Miguel, San Juan, Ouray, or West Montrose County and you would like to speak with someone on the Relaunch team, email C19bizresources@telluridefoundation.org and please include any pertinent information that will help us serve you.
Two // A request to defer sales tax collection payments could help with cashflow
The Telluride Business Recovery Council, made up of business leaders from a cross-section of the community, sent a letter to the towns of Telluride and Mountain Village requesting a three-month deferment on sales tax collection payments without penalty beginning with the March payment. With this deferment, small businesses will be able to preserve cash during this uncertain time. A response from the municipalities is pending.
Three// An emergency loan fund is established to help keep businesses afloat
The Telluride Regional Loan Fund 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 to keep their team intact and their business in operation. 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 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.