Two Garfield County entities will be receiving a total of $10,660,000 in business capital assistance from the United States Department of Agriculture (USDA) Rural Development (RD). Crown Hospitality and S3 Glenwood LLC will be utilizing funding through the Business & Industry (B&I) Guaranteed Loan Program. The B&I program is an important resource to improve the economic health of our rural communities by increasing access to business capital through loan guarantees.
By partnering with USDA Rural Development in this program, commercial lenders can provide affordable financing for rural businesses as seen here today. This program encourages lending in rural communities and supports lenders who actively want to do business in rural Colorado.
Unibank is working with Crown Hospitality to provide long term financing for the acquisition of a La Quinta Inn & Suites in Rifle, Colorado. This investment will keep guest room accommodations in the area which preserving over 15 jobs and further economic development in the local area. First Utah Bank is working with S3Glenwood LLC to assist in the purchase of the Trailhead Inn in Glenwood Springs, Colorado, a 60-room hotel in the area.
Under the Biden-Harris Administration, USDA Rural Development provides loans and grants to help expand economic opportunities, create jobs, and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety, and health care; and high-speed internet access in rural, tribal, and high-poverty areas. For more information in Colorado, visit www.rd.usda.gov/co.