Upper Arkansas Area Development Corporation is a local nonprofit organization created by the Upper Arkansas Area Council of Governments to provide financing assistance to new and expanding for-profit businesses in Chaffee, Lake, Custer, Park, Fremont, and Teller counties in Colorado. Businesses / entrepreneurs in these counties can see us about the following services:

Gap Loans

• Fill the “gap” remaining after primary lender determines it cannot lend all necessary financing
• Flexible collateral
• Loan amount from $20,000-$125,000
• Flexible loan term
• Interest rate 2% above prime, based on risk
• Owner cash injection 10% of total project (restaurant projects require 20%)
• One full-time job created per $20k loaned

Direct Loans

• Borrower has been denied typical sources of financing
• Loan amount from $5,000-$100,000
• Flexible loan term, usually under 5 years
• Other features similar to Gap Loan

UAADC financing programs are not intended to compete with or replace private sector financing. A genuine effort to secure private financing is required of all borrowers.

Enterprise Zone Tax Credits

The Colorado Enterprise Zone Program is designed to encourage development in economically distressed areas by offering state income tax credits.

• Job training tax credit
• New employee tax credit
• Employer-sponsored health insurance tax credit
• Research & development tax credit
• Vacant commercial building tax credit
• Commercial vehicle investment tax credit
• Investment tax credit
• Sales & use tax exemption for manufacturing & mining
• Contribution project tax credit

Learn more at https://oedit.colorado.gov/enterprise-zone-program