CEF creates $300K loan fund to help Loveland small biz and startups
Tuesday February 9, 2016
DENVER -- Colorado Enterprise Fund (CEF) announced the creation of a $300,000 microloan fund with the City of Loveland to provide access to capital for small businesses and startups based in the city.
CEF said it has similar funding partnerships with the cities of Arvada, Boulder and Longmont and with Weld County.
The goals of the fund are to help small businesses that don’t qualify for bank financing, to facilitate business creation and retention, to collaborate with city resource partners to promote entrepreneurship and business innovation, and to encourage small business ownership.
CEF said the fund will provide business loans of up to $50K to small businesses with annual gross revenues of less than $2 million that are not able to secure traditional financing but are capable of sustaining business operations and repaying debt.
Loans can be used for startup expenses, equipment and inventory purchases, operations, tenant finish and property improvements and for purchase of a business or franchise.
Applications are being accepted online at http://www.coloradoenterprisefund.org/apply-for-a-loan-now/
Business support services will be provided by the new Small Business Development Center at The Warehouse Business Accelerator in Loveland in collaboration with the Larimer County Small Business Development Center and Loveland Chamber of Commerce.
CEF said it will provide business advisory services at little or no cost to fund borrowers for the life of their loans through its in-house team of small business consultants.
CEF said it currently has 24 active borrowers in the Loveland area.
For more information, call:
- Lewis Hagler, CEF, 720-473-4055
- Mike Scholl, City of Loveland, 970-962-2607
- Mindy McCloughan, Loveland Chamber, 970-744-4791