CEF and Adams County partner to create $1 million in micro-loans
Partnership provides access to capital for startups and small business
Colorado Enterprise Fund (CEF) has created a $1 million micro-loan fund with Adams County Economic Development (ACED) in partnership with the Adams County Board of Commissioners and the North Metro Denver Small Business Development Center (SBDC). The fund will provide access to capital for small businesses and startups located in Adams County. The County granted an initial $500,000 which CEF matched with an additional $500,000 to launch the fund with $1,000,000, the largest in the Metro area.
CEF has similar funding partnerships with the cities of Arvada, Boulder, Loveland and Longmont, and with Weld County, where small businesses are integral to the local economies and character of Colorado’s Front Range communities.
The purpose of the Adams County Microloan Fund is to provide affordable, flexible loan capital to stimulate the creation and expansion of small businesses in Adams County. The fund will provide business loans up to $50,000 to small businesses with annual gross revenues under $2 million that are not able to obtain traditional financing but are capable of sustaining business operations and repaying debt.
These businesses must have their primary office or operations located in, or owners who reside within, County limits. Loans can be used for working capital, equipment and inventory purchases, property improvements, business purchase, and commercial real estate. Applications are being accepted online at http://www.coloradoenterprisefund.org/apply-for-a-loan-now/. Larger loans may be available to qualified businesses using other funding sources from CEF in addition to this fund.
Business support services will be provided by the North Metro Denver SBDC located at Front Range Community College in Westminster with satellite offices in Brighton and Commerce City. ACED will assist in promoting the new loan fund to its membership and provide referrals of potential loan applicants from its member banks. CEF will also provide technical assistance at little-to-no cost to Fund borrowers for the life of their loans through CEF’s in-house team of small business consultants. CEF currently has 25 active borrowers in Adams County in various industries, including manufacturing, professional services, wholesale and retail trade.
About Colorado Enterprise Fund (CEF)
Founded in 1976, Colorado Enterprise Fund (CEF) provides loans up to $500,000 to finance small businesses and start-ups unable to secure funding through traditional banks. With a mission to accelerate community prosperity by financing and supporting entrepreneurs and small businesses, CEF has provided over $51 million in loans to over 1800 businesses to help create or retain over 15,500 jobs in the state. A nonprofit Community Development Financial Institution (CDFI), CEF is based in Denver with a satellite office in Fort Collins. CEF’s lending and consulting services are available statewide. For more information, visit: www.coloradoenterprisefund.org
About Adams County Economic Development (ACED)
ACED is a 501(c) 6 public/private, nonprofit, full-service economic development agency serving Adams County, its ten municipalities, more than 8,100 businesses, and more than 445,000 residents. ACED is committed to attracting and retaining primary employers by offering support in business development, workforce development, and real estate opportunities in order to create a pro-business community. For more information, visit: www.adamscountyed.com/
About North Metro Denver Small Business Development Center (SBDC)
Since 1989, the North Metro Denver Small Business Development Center (SBDC) has helped existing and new businesses grow and prosper by providing free and confidential consulting and no- or low-cost training programs. The main North Metro Denver SBDC office is located at Front Range Community College in Westminster with satellite locations in Brighton, Broomfield and Commerce City. The SBDC combines information and resources from federal, state and local governments with those of the education system and private sector to meet the specialized and complex needs of the small business community. Over the last 10 years, the North Metro Denver SBDC has helped its clients start 163 businesses, create and retain over 690 jobs and infuse $17.6 million in capital. For more information, visit: www.northmetrosbdc.com/