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.