Why choose the LLC to help fund your project? For some it’s as simple as avoiding the lengthy, and often complicated, processes required by many commercial lending institutions. For others, the LLC funds are part of a larger financial plan that included monies from various sources. For many small business owners, the LLC may be their best source of funds.
“The LLC is truly a nonconventional funding source in terms of how it operates and how it is willing to search for creative ways to make deals work,” says Dave Veldman, a former member of the LLCs Board of Directors. “We have almost as many payment plans on our loans as the loans themselves. Because of our goals, the LLC is willing to take a more aggressive lender risk, while at the same time, accepting a lower interest rate. The Board also can act quickly. An applicant can come to us today and have their loan approved by the next Board meeting.”
Another advantage to dealing with the LLC is the benefit of working with an all-volunteer Board of Directors genuinely concerned about the condition of downtown Fort Collins. The LLC Board members possess a variety of backgrounds and expertise in such areas as legal, accounting, real estate development, brokerage, management, retail sales, municipal and private sector banking, city planning, and architecture. Board members spend time with applicants to ensure their applications and financial statements are in order, and often offer advice in other areas of planning a proposed project. All of these skills, combined in one Board create a rare and valuable resource for prospective borrowers and expedite the loan process.