The Colorado State Forest Service is providing loans to the state’s forest products businesses to help with economic issues brought on by the coronavirus pandemic.
The loans come from a partnership between the Colorado State Forest Service (CSFS) and the Upper Arkansas Area Council of Governments. The Forest Business Loan Fund has provided $5 million in loans to date to small forestry and wood products businesses statewide.
Recently the loan has supported businesses affected by the impacts of COVID-19 that may not qualify or have access to sources of financing otherwise. Additionally, it does not compete with commercial lending institutions but can leverage extra lending capital for businesses.
“Since the onset of the pandemic, we’ve received over a million dollars in new requests for financing through the loan program from businesses in northern and southwestern Colorado,” said Tim Reader, wood utilization and marketing specialist for the CSFS.
Businesses that receive a loan are required to utilize beetle-killed and other timber from forest health projects such as those that reduce the risk of wildfires.
“We’re building capacity to implement forest health projects while helping to maintain or create jobs that bolster small businesses and our local communities,” said Tim.
For more information regarding the Forest Business Loan Fund, call (970) 247-5250 or visit: csfs.colostate.edu/cowood/forest-business-loan-fund/