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Paycheck Protection Program (PPP)

The Paycheck Protection Program prioritizes small businesses and the millions of Americans employed by these businesses by offering forgivable loans with funds going toward job retention and other expenses.

Who is Eligible? Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Under this Program:

  • Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
  • Loan payments will be deferred for six months.
  • If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

Helpful Resources:

  Paycheck Protection Program Application

Top SBA and USDA Lender

First Southwest Bank is one of the state's best SBA lenders - included in the top 25 in 2014. We're also widely-known as one of the most active USDA lenders in the state. That means we know the ins and outs of the Small Business Administration's and government financing programs and can help you navigate through to get the best credit enhanced program for you. Our expert, Sherry Waner, is waiting to hear from you! To read about how we assisted White Rock Specialties in Mosca, Colorado with their growth through a USDA program, click here.
 

Unique Lending Programs

The First Southwest Community Fund Intermediary Relending Program (IRP) provides low cost loans to businesses in rural communities that create jobs. For each proposed IRP project, First Southwest Community Fund will evaluate the benefits to rural development at large, the partner organizations that can assist, and the impacts that can be tracked as a result of the investment. 

Learn more about our unique lending program through the First Southwest Community Fund at fswcf.org.

Additionally, First Southwest Bank is proud to receive $5,000,000 through the USDA Rural Development Community Facilities Program. First Southwest Bank was one of 26 entities nationwide, and the only one in Colorado, to receive an award in 2016. This money will be used to facilitate funding for critical community facilities and nonprofits, such as libraries, fire stations and police stations, which often face unique roadblocks to securing funding. If you work for, or know of, a critical community facility that needs funding, Sherry Waner would love to meet with you.
 

We're In the AG Business Too

What we grow is YOUR agricultural business! And we do that by knowing AG lending. We've been a big part of helping Agricultural Businesses grow in the San Luis Valley for years and have expanded that expertise to all of the markets we serve in Southwest Colorado.

We have experienced teams in all of our branches. Please give us a call. Or feel free to contact Jeni Jack-Goodwin, our bank's President, directly at 719.587.4200 extension 4225.

Economic Injury Disaster Loans and Loan Advance (EIDL)

The following information is directly from the SBA website, as these loans are running directly through the SBA and not financial institutions.

To apply for a COVID-19 Economic Injury Disaster Loan, click here.

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

Online Banking

We fully understand that you need quick and easy access to your money, your accounts and transaction options while on the go. We promise to continually strive to provide our customers with best-in-class online and mobile products and services.

Mobile Banking

Download our FSWB-APP for Apple and Android devices and get all the convenient features of online banking on your mobile phone or tablet device.