Starting and maintaining a small business in Colorado is a challenge. People who have a product or service they believe can benefit the community and help them earn a living will undoubtedly want to share it. Still, there are myriad concerns with any business, especially during times of societal strife. Smaller businesses can find themselves in deep financial straits based on unexpected issues. Financing can be key. Keeping track of options that may be available to help a business maintain and grow is crucial. As with any part of business formation, contracts and growth, it is useful to have legal assistance.
Low-interest loans available for smaller businesses
With the ongoing health crisis impacting businesses and individuals, local entities are helping smaller businesses with loan opportunities. A series of low-interest loans are being offered by the Colorado Springs Downtown Development Authority to assist smaller businesses. A fund with $300,000 is offering limited loans to businesses. These payments will provide three payments each month for half of the mortgage or rent a business usually pays. This will extend from January through March of the new year.
The partnership says that it understands how smaller businesses have been negatively impacted by the variety of issues that have come up over the past year, especially the pandemic. Notably, the food and beverage industry was mentioned as a target for help with these loans. The loans will have a 2% fixed rate over 21 months. Businesses that take the loans can repay them quarterly. Naturally, the payments can be made more often if the business can and wants to do that. The initial payment is not due until the end of September 2021. The last payment will be due a year from then.
For loans, financing and business help, a qualified law firm can provide guidance
These loans are an alternative for businesses to garner financing to begin or maintain operations. There are others including going to a financial institution, trying to accrue capital with stock options, finding an agreeable partner to buy into the business, or considering a merger with another company. A legal professional who is experienced not just in business law but in running a successful business will have a full grasp of all areas of business formation, contracts, litigation, running and operating a business. Calling for representation can be helpful when seeking financing or with any other issue.