Update 7/22/20 The funds for this grant have been depleted and applications are no longer being accepted.
The Town of Monument Business Relief Fund will aid businesses and non-profits located in the Town with any of the following types of assistance: rent or mortgage assistance, utility payments, employee payroll, accounts payable and other bills, payment of fixed debts, and adapt and/or repurpose their business to serve the community. Upon application review and approval, businesses and non-profits may receive up to $10,000 in grant funds.
Services We Provide To Businesses
Economic Development staff is available to assist businesses in finding a location, work with businesses to navigate through the permitting cycle, identify financing alternatives, receive training for employees, obtain demographics, and provide the business community with the necessary resources to grow their businesses. Another resource for the business community is the Tri-Lakes Chamber of Commerce who strives to assist businesses achieve continued economic success.
For more information, please contact the Economic Development staff at 719-963-1524 who are available to assist you in meeting the needs of your business.
LSMx: Local Store Marketing Tool
The town of Monument is able to provide a complimentary subscription to LSMx, the leading local store marketing application available for small business owners. This tool allows you to gain insights into the area around your store and send ads to new customers, all from your mobile device. For access to this application, please contact Madeline 719-963-1524
Goals:The primary goals of the BLF are to create and retain jobs and to expand and diversify the economic base of El Paso County. Highest priority will be given to manufacturing operations that create new investments in El Paso County.
Eligible Areas/Businesses: The BLF monies are available to private, for-profit businesses. Any business within El Paso County, with the exception of the City of Colorado Springs, is eligible. For manufacturers or Enterprise Zone businesses, eligibility has been expanded to include the City of Colorado Springs.
Funds:The BLF is primarily for financing fixed assets, including land, buildings, machinery, and equipment. Working capital and inventory are also eligible uses of loan funds. Minimum and maximum dollar amounts available for each loan are $10,000 and $200,000, respectively. Priority will be given to projects that exhibit the greatest public benefit. Generally, the BLF assistance may not exceed forty percent (40%) of the total project cost, and the borrower’s equity contribution will be at least ten percent (10%) of the total project cost. A typical loan funded through the BLF will leverage additional investment for a project.
Terms:With the BLF program, loan terms are flexible and are determined on a case-by-case basis depending on the life of the asset being financed. Real estate loans will usually have a term ranging from seven to ten years; capital equipment loan terms usually range from three to five years; and working capital loan terms usually range from one to three years. All loans are fully collateralized and personal guarantees are required of all borrowers. Interest rates will be fixed at a rate that is below market rates at the time of closing.
Monument is included in a Colorado Enterprise Zone, which provides tax credits and incentives to current business within these zones, as well as, businesses relocating within a zone. Businesses in the Enterprise Zone may save thousands of dollars on their Colorado income tax bill each year for any or all of the following: