Need help with first, last and security for a new rental lease? Let us help with a Micro-Loan!

The La Plata County Workforce Rental Assistance Program offers 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 La Plata County renters.

Loan Terms:

• $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

Requirements:

• Borrower must make 80% or less of Area Median Income (AMI) for La Plata County.
• Lease agreement must be for a minimum of one year. Proof of NEW 12-month lease must be provided.
• Rental property must be located in La Plata County.
• Borrower must have a 660+ credit score with no active collections.
• This program is first come, first served and limited to $150,000.
• Loan will be limited to one loan per residence. Co-borrowers are permitted though loans will be capped at $5,000.
• No preferred rate reduction for automatic payment.

Questions?

The La Plata County Workforce Rental Assistance Program is made possible through a partnership between La Plata Economic Development Alliance, La Plata County and First Southwest Bank.

A resident of another Colorado rural county?

The Workforce Rental Assistance Program offers 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 all other Colorado rural counties.

Loan Terms:

• $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

Requirements:

• Borrower must make 100% or less of Area Median Income (AMI) for the county they will reside in.
• Lease agreement must be for a minimum of one year. Proof of NEW 12-month lease must be provided.
• Borrower must have a 660+ credit score with no active collections.
• Loan will be limited to one loan per residence. Co-borrowers are permitted though loans will be capped at $5,000.
• No preferred rate reduction for automatic payment.

Questions?