Revolving Loan Fund available to Lyons business community

Money

LYONS, Colo. (KDVR) – The Town of Lyons is offering the Revolving Loan Fund (RLF), a low interest fund for local businesses for expansion, development and opportunities that help create employment opportunities.

The RLF has loaned $88,344 to 11 Lyons businesses since March 31, 2020.

In response to the impacts of COVID-19 several measures have been implemented:

  • Interest rates for RLF loans were reduced from two percent to zero percent
  • Loan terms were extended from 8 to 12 months
  • Limits were increased to $10,000 per applicant
  • Recipients were given a three-month grace period for the first payment due date

The program is overseen by the RLF committee, in coordination with the Lyon’s accounting and community relations & program departments.

The Town of Lyons has donated $5,000 to the Lyons Share.

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