Thursday February 2, 2017 0 comments
DENVER -- Colorado Enterprise Fund (CEF) released its 2016 Annual Report revealing its highest lending activity since its founding 40 years ago.
The report said CEF distributed $9.3 million to 217 borrowers during its latest fiscal year, which coincided with the nonprofit’s 40th anniversary.
CEF lends to small businesses unable to obtain traditional bank financing.
“To exceed the financial goals we set in our strategic plan three years ago was a tremendous team effort,” said Ceyl Prinster, CEF president and CEO.
“We worked hard to reach more small businesses through increased community partnerships, targeted loan programs and sharing our borrowers’ success stories online. The result was that a record number of entrepreneurs got loans from us in 2016, making their communities, and Colorado’s economy, all the better for it.”
The report said the economic impact of the loans was seen in the number of jobs that were either retained or created by borrowers -- on average 11 jobs per loan.
Nearly $4 million was raised in new capital, and CEF now holds $22.7 million in total assets.
While CEF achieved record levels for loans produced in the fiscal year ending September 30, 2016, the three-year gains compared to FY2013 are even more significant. The number of new loans increased 46 percent (149 to 217) and loan amount increased 111 percent ($4.4 to $9.3 million).
The average loan amount increased 45 percent, from $29,500 to $42,700. CEF’s total portfolio balance grew 117 percent, from $7.5 million to $16.3 million.
Loans to minority-owned businesses increased 111 percent, loans to low-income entrepreneurs increased 72 percent, and loans to women-owned businesses grew by 36 percent and accounted for half of all loans closed.
To view the 2016 Annual Report, click here.