To assist businesses that had to close or limit services, Region 9 Economic Development District of Southwest Colorado was approved for an emergency Enterprise Zone Project.
Any donation of $100 or more is eligible for a 25% state tax credit. Donations will be put toward a Business Support Fund, helping businesses cover immediate needs with grants and low interest loans. This EZ Project will help fill gaps from other state and federal programs.
In order not to duplicate community fundraising efforts, Region 9 will collaborate closely with the Community Foundation and will be promoted primarily on the SWCODA website www.swcoda.org and Region 9’s website www.scan.org.
Anything donated to the Business Support Fund will come directly to Region 9 from the Community Foundation. Region 9 will process the donor tax credits and distribute funds to businesses. Money will be directly disbursed to the community in which the donation was received.
The focus of this fund will be on businesses that were forced to close on short notice; the anticipated ability to survive and reopen in 60 to 90 days; a positive track record and ability to leverage this funding with other sources like other banks, Region 9 loan funds or other programs.