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The Mayor has appointed a three-member committee of advisors – local persons experienced in banking and business – who will review the applications and make recommendations to the Mayor on awards for loans and grants.
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Please visit the City of Pueblo’s website at www.pueblo.us and click on the link in the bright orange box to request an application.
Processing applications and agreements that contain confidential information is a little more complicated during this period of social distancing. We are committed to protecting your personal and business financial information throughout the application and award process. Because of this, we are using DocuSign to keep your documents and information secure throughout the process. Following your request for an application, you will receive an email inviting you to complete your application on DocuSign. Each step along the way, the communications you receive from the City will have instructions to make the process as simple as possible for you.
The three-member committee will evaluate applications on a number of factors including: 1) how much the COVID-19 pandemic has financially impacted the business; 2) how much the COVID-19 pandemic has impacted the business’s sales and the City’s sales tax revenue; 3) the likelihood a grant or loan would assist the business in becoming and remaining viable beyond the COVID-19 pandemic. It is recommended that you emphasize these factors in your application.
Funds can be used for capital needs, including 1) an improvement project of a permanent/fixed nature; 2) acquisition of both real property (through purchase or lease); 3) purchase of tangible personal property, including inventory; 4) construction, extension, remodeling or rehabilitation of buildings where individuals are employed or where machinery or equipment are housed; 5) the installation or extension of streets, sanitary sewer, water, or other utilities required to serve a project; and 6) operational expenses including business rent or mortgage payments and supplies for business operations.
The loans will be for a period of five years, with 1% interest, amortized over 48 months, with monthly payments beginning one year after the date of the Loan Agreement.