Since 2022, the program—a partnership between the La Plata Economic Development Alliance, First Southwest Bank, and La Plata County—has provided accessible, low-cost micro-loans to help renters cover these expenses, including first and last month’s rent as well as security deposits.
With $71,588 loaned to date and $33,460 still available, the program remains a resource for those in need of housing support. The Workforce Rental Assistance Micro-loan Program offers loans up to $5,000 at an affordable interest rate of 4%, payable over three years, with no collateral requirements or prepayment penalties.
Applicants must earn 80% or less of La Plata County’s Area Median Income, which is approximately $88,400 annually for a household of four, and provide proof of a one-year lease agreement. With a minimum FICO credit score requirement of 660, the program is accessible while promoting financial stability.
As of October 2024, $33,460 remains to provide renters with micro-loans up to $5,000. Community members interested in applying can find additional information and start the application process by visiting FSWB.bank or contacting First Southwest Bank at (970) 375-1100.