MONTROSE – The Region 10 League for Economic Assistance and Planning covering six counties (Montrose, Delta, Gunnison, Ouray, Hinsdale and San Miguel), a nonprofit organization that leverages resources on behalf of member municipalities, has launched an online newsletter, Region 10 Advocate.
Its first issue highlights the completion of the Enterprise Center at 300 North Cascade, complete with office space for rent for nonprofit organizations and small emerging businesses.
Region 10, headquartered in Suite 1 of the newly remodeled complex at 300 No. Cascade Ave., in Montrose, is administering community development block grants to qualifying organizations, thanks to $500,000 secured from the U.S. Dept. of Housing and Urban Development to lend to qualifying businesses and nonprofit organizations, with the goal of generating one job for every $20,000 invested.
The phrasing “community development” is key, says Region 10 Business Loan Fund Director Paul Dunford, as
“half of the jobs created or retained” by the block grants “must go to individuals of moderate income, which in most counties is around $50,000 for a family of four.”
Block grant recipients also “require a bank match,” he says, to attain the program’s goal of helping to “encourage banks to lend money again.” Maximum loan amounts will vary; borrowers must request a minimum of $3,000; loans require approval by the Office of Economic Development and International Trade; and the State Financial Review Committee must approve loans of $100,000 or more.
In addition to borrowers, Region 10 seeks banking partners in Delta, Montrose, Ouray, San Miguel, Gunnison and Hinsdale counties. “The money is there for us, and the idea is to create jobs,” Dunford, who can be reached at 970/249-2436, ext. 17.
In addition to offering low-cost office space to nonprofit organizations, emerging and existing small businesses and government entities in its Enterprise Center, Region 10 operates the Area Agency on Aging, coordinates regional transportation planning, administers enterprise zone business tax credits and grants and offers a small business loan program.
For more information, or to read the Advocate Newsletter, visit the Region 10 website at www.region10.net.
For more information about Region 10, call 970/249-2436 or email info@region10.net.
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