Friday November 2, 2018 0 comments
DENVER -- Colorado Enterprise Fund (CEF), in partnership with the East Colorado Small Business Development Center (SBDC), announced the Weld County Board of Commissioners ecently granted an additional $150,000 to expand the Weld County Microloan Fund (Fund), which provides access to capital and coaching for small businesses and startups operating in Weld County.
Established in 2013 and administered by CEF, the Fund has fueled entrepreneurship by investing $2 million in loans to 47 Weld County small businesses which have impacted more than 240 jobs in the county.
CEF has also provided more than 360 hours of business coaching and resources at no charge to better equip Weld County businesses for success.
The Fund was launched with a $200,000 investment from the County that CEF matched to create a $400,000 loan fund. Strong demand for small business capital in the area inspired the County to invest an additional $500,000 through subsequent infusions over time, including the most recent $150,000.
All County investments are matched by CEF loan capital to create what is now a $1.4 million Fund, dedicated to helping Weld County small businesses access the capital they need when bank loans aren’t an option.
"The Colorado Enterprise Fund and Weld County have renewed this fund because it has proven over again how much it helps small businesses throughout the County,” said Lisa Hudson, director of East Colorado SBDC.
“The support that the businesses receive through the SBDC, CEF, and the County has created such economic impact that really makes a difference in our communities.
“I am so pleased with the activity we have seen through the years and excited to see what we can do in the years to come with the expansion of this fund.”
The goals of the Weld County Microloan Fund are to help small businesses that don’t qualify for bank financing, facilitate business creation and retention, collaborate with county resource partners to promote entrepreneurship and business innovation, and encourage small business ownership that supports community prosperity and economic self-sufficiency.
CEF has similar funding partnerships with the cities of Arvada, Boulder, Longmont and Loveland, and with Adams County, where small businesses are integral to the local economy and character of these Front Range communities.
The Fund provides business loans up to $50,000 and CEF can provide other additional funding for larger requests. Eligible applicants must have annual gross revenues under $2 million, demonstrate that they are not able to obtain traditional financing but are capable of sustaining business operations and repaying debt, and have their primary office or operations within County limits.
Loans can be used for startup expenses, equipment and inventory purchases, operations, tenant finish and property improvements, as well as for the purchase of a business or franchise. Applications can be submitted online at http://www.coloradoenterprisefund.org/apply-for-a-loan-now/.
CEF also provides technical assistance at little or no cost to Fund borrowers for the life of their loans through CEF’s in-house team of Business Acceleration Services small business consultants.
Small business owners interested in applying for and receiving loans from the Fund must first become clients of the East Colorado SBDC located at the University of Northern Colorado Bizhub Collaborative in Greeley, where they will receive help with determining their eligibility and assembling a loan package.
For more information about the Weld County Microloan Fund, contact:
- Lewis Hagler, Director of Credit, Colorado Enterprise Fund, 720.473.4055; [email protected]
- Lisa Hudson, Director of East Colorado SBDC and UNC BizHub Collaborative, 970.351.4274;[email protected]