Loans Help Local Businesses | Ordinary Ouray County Dealer


Nearly $ 14 million in payroll protection loans have been approved for Ouray County businesses since April last year, with more than a third of this going to restaurants, hotels and other properties hit hard by business closures due to the pandemic and bandwidth restrictions. capabilities.

The US Small Business Administration, which ran the program, has paid billions of dollars in bad loans since its launch last April. The program ended on May 31, but borrowers can still apply for forgiveness.

SBA data, previously released last summer, was limited to businesses that received more than $ 150,000 through the program, but information released by the federal government in response to lawsuits from national media now shows all recipients of funding through the US Small Business Administration program, provided What is more about which local industries and businesses have benefited the most in Ouray County.

Approximately $ 5.6 million of District approved loans went to businesses categorized as Accommodation and Food Services. While tourism flourished last summer, businesses were closed for several weeks and operated with disabilities for most of the year in accordance with state and local restrictions.

Alpenglow Properties Ouray Inc., which includes Twin Peaks Lodge and Hot Springs and other short-term rentals managed through the hotel, received the largest total in the county at $ 532,860 split between two loans in April 2020. and January 2021. The company said it supported 38 jobs with its April loan, the highest of any business in the county.

Other largest recipients in this category were Ouray Brewery, which received nearly $ 528,000, and Gnar LLC, which operates Taco del Gnar, and received approximately $ 473,000. Both restaurants received two loans, one in April 2020 and the other in January 2021. Both restaurants reported supporting over 30 jobs.

Hatari Enterprises, LLC, registered on Tammy Tuttle at True Grit Cafe, received two loans totaling $ 349,767 and two Brickhouse 737 loans totaling approximately $ 315,000.

Colorado Boy South in Orei raised about $ 242,000, and Colorado Boy Brewing Co. in Ridgeway – about $ 64,000.

Other hotels that have received large loans include Chipeta Sun Lodge with $ 295,401 and $ 229,985 at Orvis Hot Springs. Both of these loans were split into two parts.

After accommodation and catering, construction companies were the second largest category with about $ 2.5 million in approved loans. The largest loan in the district came from a construction company – $ 447,732 – K&K Concrete Inc. in May 2020.

The second largest single loan was made by Ouray Silver Mines in April last year in the amount of $ 421,000.

Loans worth about USD 1.6 million have been approved for retail companies.

In some cases, loans were requested by companies based in the county but operating elsewhere. Between April and February, ten companies at 490 Sherman Street in Ridgeway received a total of $ 780,515, including $ 281,243 for the Mountain Village, LLC market and $ 66,421 for the Ridgway Mountain Market.

About 14 percent of all Ouray County business loans were $ 5,000 or less, and just over half were under $ 20,000.

At the national level, larger businesses and large banks handled most of the money allocated, but local lenders were vital in helping businesses access credit: Alpine Bank handled about half of Ouray County’s loans, while Citizens State Bank was the lender. slightly less than one – in the third.

According to the SBA, to qualify for full loan forgiveness, at least 60 percent of the proceeds must be spent on payroll costs, and employee and compensation levels must be maintained. Other eligible costs include utilities, mortgages, and rent. To be eligible for the second loan, businesses had to show a 25 percent loss in gross revenue in any quarter of 2020 compared to the same quarter in 2019.

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