Loans

COVID-19 Emergency Relief Loan Program (Updated: April 24, 2020)

The Golden Civic Foundation (Foundation) is providing an emergency relief loan program to downtown Golden businesses and nonprofits in response to local economic losses related to the Coronavirus (COVID-19). The Foundation’s funding enables loans to be available to eligible businesses and nonprofits with zero interest and no payments for four months. If not repaid in four months, the loan may convert to a one to five-year term loan with interest.

The goal of the program is to provide temporary bridge loans to keep small businesses solvent during these economically challenging times. The loans may be used for (but are not limited to) expenses such as payroll, rent, inventory, etc. The program is being financed by the Foundation’s Foss Fund which was created more than 20 years ago with the goal of providing low interest loans for the benefit of Golden businesses.

Emergency Relief Loan Assistance Eligibility: The purpose of each loan must be to advance the charitable purposes of the Foundation and benefit the community of Golden. Funds are loaned only to people, businesses or organizations of good character that are operating within the Foss Fund Boundaries (FFB) in downtown Golden. The FFB is considered to be: The North line being the south bank of Clear Creek, the East line being the east side of Ford Street, the South line being the south side of 14th Street, the West line being the one-half block west of Arapahoe Street.

The Foundation does not make loans to organizations whose primary purpose is to influence legislation or to participate in a political campaign. The following three components comprise an applicant’s loan eligibility for the Foundation’s Business Loan Program:

  1. Applicants must be a registered Golden, Colorado for-profit or non-profit organization physically located within the Foss Fund Boundaries (FFB).
  2. The applicants have invested equity and personal collateral.
  3. The applicant has exhausted financing options through other traditional sources, such as SBA or other bank financing.

Emergency Relief Loan Assistance Terms & Conditions:

  • Maximum Loan Amount: Based on need, available funds and credit worthiness.
  • Terms: No interest lump sum repayment after four (4) months. If not repaid in four months, the loan may convert to a one to five-year term loan with interest.
  • Interest Rate: Market rate, variable based on loan.

To learn more about the Foundation’s Emergency Relief Loan Program, please contact their Executive Director, Heather Schneider, by email at Heather@GoldenCivicFoundation.org or by phone at (303) 974-0994.

Note: The City of Golden has recently announced a similar COVID-19 Business Recovery Loan Program that is seeded by funds loaned by the Golden Urban Renewal Authority (GURA) and Golden Downtown Development Authority (DDA) to provide direct business recovery assistance to small businesses throughout the community affected by the COVID 19 pandemic. See more details on this program HERE.

Golden Civic Foundation Traditional Business Loan Program

Thank you for your interest in the Golden Civic Foundation’s (Foundation) Business Loan Program. The Foundation was organized as a 501(c)(3) public foundation in 1970 with a mission to invest in the economic and cultural vitality of the Golden Community. Throughout our history, the Foundation has provided loans to charitable organizations, businesses, and governmental agencies in the City.

The Foundation’s Business Loan Program is intended to complement conventional banking, working in partnership with local banks to provide term loans, many of which do not meet the requirements for traditional financing. This is a great loan choice for new and existing businesses that need between $500 or more in business capital and cannot obtain traditional financing and/or need bridge financing. The loan can be used to start or expand your business including, but not limited to, real estate, working capital, inventory, business acquisitions, tenant improvements, and start-up expenses.

Eligibility

The purpose of each loan must be to advance the charitable purposes of the Foundation and benefit our community of Golden. Funds are loaned only to people, businesses or organizations of good character that are or will be operating in Golden. The Foundation does not make loans to organizations whose primary purpose is to influence legislation or to participate in a political campaign. The following four components comprise an applicant’s loan eligibility for the Foundation’s Business Loan Program:

  1. Be a Golden (Colorado) for-profit business or nonprofit organization.
  2. The business is located in Golden, Colorado.
  3. The applicants have invested equity and personal collateral.
  4. The applicant has exhausted financing options through other traditional sources, such as bank financing.

The Foundation is honored to work with many local, successful, innovative, and community-oriented entrepreneurs and believes that the power of entrepreneurship positively transforms the character of our community of Golden. Please contact us at (303) 279-9169 if you are interested in learning more about our Business Loan Program.

 

“The Golden Civic Foundation made buying our building a reality. Thank you GCF from Bob’s Atomic Burgers.
Businesses in Golden are fortunate to have an organization like the Golden Civic Foundation.  The Golden Civic Foundation helped us with a loan to buy our building. Thank GCF from Bob’s Atomic Burgers.”

Bob & Jen Toohill

Owners, Bob's Atomic Burgers