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Commissioners approve CDBG application for Northwest Loan Fund; fund highlights loans, jobs and revolving capital
Summary
Moffat County commissioners authorized the chair to sign a Community Development Block Grant application and intergovernmental agreement enabling continued operation of the Northwest Loan Fund, which reported robust loan activity, revolving capital and job creation.
The Moffat County Board of County Commissioners voted Tuesday to authorize the chair to sign a Community Development Block Grant (CDBG) application and an intergovernmental agreement enabling the Northwest Loan Fund to continue operating a business loan program across nine northwest Colorado counties.
Anita Cameron, who manages the Northwest Loan Fund, presented a program update and asked commissioners to approve the CDBG application and sign the intergovernmental agreement. Cameron described the loan fund’s history, its use of revolving loan capital, and administrative funds that support program operations. She said the fund helps startups, acquisitions and expansions that banks cannot serve and noted the program’s use of projections to evaluate loan repayment capacity in those cases.
Cameron and County representative Catherine Blevins described recent activity: the fund had its strongest year in 2023 by dollar volume and Cameron said she had about $350,000 in loans in process that would close before year-end. Cameron highlighted a commercial laundry financed in the region that now employs 99 workers and noted that between grants managed during COVID and regular loans, the fund has been an active local tool.
A commissioner moved to authorize the chair to sign the CDBG application and intergovernmental agreement; the motion passed on a voice vote. Commissioners praised the loan fund as an important local resource and encouraged continued collaboration with local banks and lenders.
