Wednesday November 30, 2016 0 comments
DENVER -- Colorado Enterprise Fund (CEF) announced its fiscal year-end results as of Sept. 30, showing record increases in growth and impact from its small business loan programs and technical assistance services.
Both the dollar volume and the number of loans closed in FY2016 made it a record year for CEF, a certified Community Development Financial Institution and nonprofit lender.
CEF reported $9.2 million in loans closed, an increase of $2.1 million or 30% by dollar volume over FY2015. The total number of loans closed in FY2016 was also a record increase: 217 or 13% over FY2015.
When comparing CEF’s FY2016 results over a three-year period since FY2013, the gains were even more dramatic:
- The number of new loans closed increased 46% from 149 to 217.
- In annual dollars, total loans increased 109% from $4.4 to $9.2 million.
- The average loan amount increased 45% from $29,500 to $42,700.
- Total portfolio balance grew 117% from $7.5 million to $16.2 million.
- CEF managed 51% more loans, from 365 in FY2013 to 550 in FY2016.
- Loans to minority-owned businesses increased 111% while loans to low-income entrepreneurs increased 72%.
- Loans to women-owned businesses grew by 36% and accounted for nearly half of all loans closed during this three-year period.
- The economic impact of all these loans was seen in how many jobs were retained and created by CEF borrowers – up 36% from 1,747 in FY2013 to 2,369 in FY2016.
"This was an amazing team effort," said Ceyl Prinster, CEF president and CEO.
“Our ability to help more businesses start and grow so their communities can prosper was only possible through the tireless dedication of our staff and strategic support of our board of directors. We’re thrilled to have made history as we celebrated our 40th year of helping small businesses in Colorado.”
Established in 1976 as the Greater Denver Local Development Corporation to administer a new SBA loan guarantee program in Denver’s lower downtown, Colorado Enterprise Fund (CEF) has grown to deploy more than $56 million in loans to more than 1,900 small businesses to help create and retain more than 16,000 jobs statewide.