NEW 0% Bridge Loan Fund:
- NEW 0% Bridge Loan Fund:
($400,000) will be used to leverage a $1.5M to $2.0M loan fund to supporting loan up to $25,000 to qualifying Castle Rock based businesses. (See attached) This program was approved but relies heavily on having a private sector banking partner to participate. This loan will take a few weeks to engage and is intended to be more of a mid-term bridge loan option once the economic recovery timelines of COVID-19 become more clear. Notice will be sent out when applications are ready to be accepted.
*All funding is on a first come first serve basis and applicants will be required to have applied for, received or have been denied SBA PPP or EIDL Loans.
Castle Rock EDC STRONGLY RECCOMENDS that all Castle Rock Businesses apply for the PPP or EIDL loan programs and then look to the Town resources to compliment those more robust resources.