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First Southwest Bank Announces Rental Micro-Loan Program

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First Southwest Bank • September 23, 2022


In response to the statewide housing crisis, and as a Certified Community Development Financial Institution bank, First Southwest Bank (FSWB) is offering low-cost, fixed-rate micro-loans of up to $5,000 to cover first month’s rent, last month’s rent and/or a security deposit for eligible renters in La Plata County and all other rural Colorado counties. These micro-loans will assist rural county residents in Colorado to cash flow the initial burden of a new rental lease.

FSWB is offering two distinct programs. The La Plata County Workforce Rental Assistance Program, for La Plata County residents, is made possible through a partnership between FSWB, the La Plata County Economic Development Alliance, La Plata County and the City of Durango. The Colorado Workforce Rental Assistance Program is for all other rural Colorado counties. 

“The initial costs to secure rental housing in Colorado’s rural communities are steep. This funding is available to assist the local workforce in those communities who struggle to cover the cost of first and last month’s rent plus security deposit,” said Kent Curtis, President and CEO, First Southwest Bank “Our communities are stronger when everyone has access to housing.”

La Plata County Qualifications:

  • Borrower must be 80% or less of AMI for La Plata County.
  • Minimum term on lease agreement must be 1 year. Proof of NEW lease must be provided.
  • Rental property must be located in La Plata County.
  • No minimum FICO requirement.
  • This program is first come, first served and limited to $150,000.
  • Income verification will be used only to verify employment.
  • One loan per residence. Co-borrowers are permitted though loans will be capped at $5,000.

All Other Colorado Counties Qualifications:

  • Borrower must be 100% or less of AMI for the county they will reside in.
  • Minimum term on lease agreement must be 1 year. Proof of NEW lease must be provided.
  • Borrower must have a 600+ credit score with no active collections.
  • Income verification to follow standard bank requirements, Debt-to-Income must follow bank loan policy.

Loan Structure (all counties):

  • $5,000 Maximum Loan Amount
  • Unsecured (no collateral required)
  • 2% Annual Percentage Rate*
  • Payable over 3 years with monthly principal and interest payments
  • *$5,000 loan amount @ 2% Annual Percentage Rate: 36 monthly payments of $143.22
  • No associated fees or pre-payment penalty

For more information on these programs, and to apply for a loan, click here.



 
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