Colorado Lending Source has partnered with Region 9 and Colorado Enterprise Fund and has received funds from the US Federal Economic Development Administration to create an $8 million statewide Revolving Loan Fund to support businesses statewide.
The Revolving Loan Fund will be supported by the Colorado Office of Economic Development and International Trade (OEDIT) and the Colorado Department of Local Affairs (DOLA) who will work in conjunction with the Colorado Governor’s Financial Review Committee (FRC) to administer the Revolving Loan Fund (RLF) to the entire state. Any registered or nonprofit organizations are eligible to request loan funding from the RLF if they meet Economic Development Administration (EDA) requirements and do not have access to bank loans.
“Cultivating access to capital for Colorado’s small businesses is a core priority that’s only increased in its importance during the pandemic,” said Betsy Markey, Executive Director of the Office of Economic Development and International Trade. “The new statewide revolving loan fund is an important component in our work to provide affordable loans for the business community,” Betsy said.
The institutions involved in administering the RLF will serve communities statewide, including but not limited to minority, Native American or tribal, immigrant, women, disabled and veteran-owned businesses, and businesses in low-income and rural communities. This RLF will be available through loan participations, syndications, and referral opportunities with nonprofit lenders and banks and direct loans to support small businesses across the state recovering from the COVID-19 pandemic and its impact on the economy.
Colorado Lending Source (CLS), Colorado Enterprise Fund (CEF), and Region 9 will work with the nonprofit lender community to ensure that these funds will reach businesses that could need additional support beyond what is available at the current time from the federal government and state agencies, nonprofit lenders, banks and additional sources of private capital.
For more information regarding the Colorado Office of Economic Development and International Trade, visit oedit.colorado.gov.