Workforce Rental Assistance Micro-loan Program Continues to Support La Plata County Renters

$33,460 Still Available in Workforce Micro-Loan Fund Aimed at Supporting Local Renters

With two bedroom rentals averaging $1,716 in La Plata County according to 2024 HUD Fair Market Value data, the Workforce Rental Assistance Micro-loan Program aims to bridge the gap for those struggling with high upfront costs associated with new leases.

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.

Our mission to foster a strong local economy includes providing pathways for community members to live where they work. This micro-loan program provides a viable solution to many in our community seeking housing and continues to be a success thanks to the collaboration between public and private partners.”

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 (AMI), 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.

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.

Full Press Release Learn more and Apply