The Region 9 Economic Development District of Southwest Colorado will receive $743,000 through two awards from the U.S. Department of Commerce’s Economic Development Administration.
The Rise and Recover Together COVID-19 recovery money will support the recovery efforts in Archuleta, Dolores, La Plata, Montezuma and San Juan counties as well as with the Southern Ute Indian Tribe and Ute Mountain Ute Tribe.
Loan funding of $440,000 will help support qualifying businesses’ ability to reopen and recover. The federal funding will supplement traditional funding sources by providing gap financing, and also work to diversify and strengthen each community’s unique economies.
The hope is that post-COVID-19 businesses will be able expand and create jobs long-term.
“EDA-RLF funding will grow our available capital to lend which will enable us to better serve local businesses and to help them get through the COVID crisis,” said Jenny Stollar, a business loan officer with Region 9.
In addition, Region 9 was awarded $303,000 to assist communities impacted by COVID-19 through the Rise and Recover Together initiative. This program will support recovery efforts in the five-county area by providing a recovery coordinator in Archuleta County, support for the SWCODA website and other regional services to respond to recovery efforts over the next two years.
“These funds will provide part of the foundation so that community spirit, community voices and community talent can begin to build their futures, beyond COVID,” said Heather Otter, economic development project manager.
For more information, contact Region 9 at 247-9621 or at www.scan.org.