General Business Support & Loan FAQs

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OPI can provide basic information to help you start your business. In addition, OPI can refer you to the Small Business Development Center for your more specific questions.

OPI does not have any grant funding available for business start-ups. However, OPI does partner with other entities that have grant funding and will send out notifications of these opportunities.

Yes, you may pay any amount over and above the scheduled payment amount either on a routine basis or randomly. Any extra you pay will be applied to the note principal resulting in less interest paid over the period of the loan and the loan being paid off in a shorter time period.

If you are unable to make a payment, you should contact Otero Partners Inc. and make arrangements to make it up. Failure to make a payment will result in being charged a late fee and more interest being paid when the payment is made, causing the principal balance to be more than the amortization (payment) schedule.

Complete loan applications received by the first of the month will be reviewed by the Loan Committee and brought before the OPI Board of Directors at their regularly scheduled meeting. If the loan is approved, the loan can be closed in three to four weeks.

No, the loan may be repaid at any time without penalty.

1. Availability of funds.

2. Community benefit.

3. Sufficient collateral.

4. Cash flow shows the ability to repay loan.

5. Financial condition of the business and its owners.

6. Credit history of owner.

7. Owner's willingness and ability to invest in the business.

8. Management abilities.

9. Experience.

10. Ability to create or retain jobs filled by income-qualifying persons.

The Revolving Loan Fund (RLF) is an alternative (gap) financing method designed to help finance business projects that will positively impact the economic health of the communities within Otero and Las Animas Counties.

For profit businesses, authorized to conduct business in Colorado, which are located within Otero or Las Animas Counties are eligible to apply for the RLF.

1. Purchase of an existing business.

2. Start-up costs for a new business.

3. Purchase of real estate.

4. Purchase of machinery & equipment, furniture & fixtures, and inventory.

5. Working capital.

6. Refinancing debt (program specific).

7. Payment of delinquent taxes (program specific).

1. New construction.

2. Refinancing debt (program specific).

3. Payment of delinquent taxes (program specific).