The Localworks Business Loan Program
This low-interest loan program is available to businesses interested in making dramatic and visible change within the city of Wheat Ridge boundaries.
Loan Program Overview
The Localworks Business Loan Program is sponsored and administered by Localworks, Inc. with the goal of improving the economic vitality and appearance of businesses in the city of Wheat Ridge. The purpose of the program is to encourage existing and new business development by providing financing assistance for facade improvements, interior renovations, and small business equipment purchases.
- Eligible Property: All commercial properties within the City of Wheat Ridge boundaries.
- Eligible Project Costs: Exterior facade improvements, sign repairs or replacement, interior renovations, small business equipment purchases, new commercial building development. The projects must include exterior improvements visible from the street.
- Up to $50,000 and up to 80% of project costs
- 0% interest year 1 and 4% interest years 2-5
- 5-year note with 20-year amortization
- Additional 5-year note with variable rate for specific cases
- Loan Amounts: Minimum loan amount: $10,000 Maximum loan amount: $50,000
- 1st or 2nd mortgage loans: Up to 5 year terms with up to 20 year amortizations depending on ownership of property, life of assets, or lease term.
- Loan Rates: 0% interest rate first year, 4% interest for years 2 through 5. Additional variable rate option (years 6-10) with interest at prime plus 2% (floor of 4% ceiling of 8%).
- Loan Fees: $500.00 non-refundable application fee plus legal and closing costs for loans up to $25,000. $1,000 non-refundable application fee plus legal and closing costs for loans $25,001 to $50,000.
- Eligible Borrowers: Business owners or building owners located in the target area.
- Design Construction Assistance: Professional design assistance may be available through the Wheat Ridge Business District (WRBD) Revitalization Incentive Program.
- Approval Criteria: Evidence of sufficient cash flow to repay and sufficient collateral to secure the debt. Personal guarantees are required.
- Approval Process: Localworks performs an underwriting process and site visit. Final loan approval will be made by the Localworks Loan committee.
- Taxes: Owners receiving loan funding must be current on all property taxes of the City, County, and School District, City Earned Income Tax, Business Privilege Tax, business license, per capita tax, water and sewer bills, garbage fees, rental unit registration/license fees, municipal loans, and any miscellaneous invoices.
Download the Localworks Business Loan Program overview & application: Overview & Application
Download the cash flow projection worksheet tool: Cash Flow Projection Worksheet
If you have problems downloading a file, contact us for it to be emailed or mailed to you or to pick up a copy.