Montessori Academy of Colorado
Denver, Colorado
Child care facility.
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BOULDER MICROLOAN PROGRAM
GOALS OF THE PROGRAM
- Encourage business ownership and self-employment as a means of economic self-sufficiency for low and moderate income individuals.
- Bridge the gap for businesses which might eventually qualify for bank financing and prepare them for traditional bank relationships.
- Facilitate job creation and retention for low and moderate income residents of the community who are employees of small businesses that would access the fund.
- Foster diversity in the business community by encouraging business ownership among ethnic minorities, women and the disabled.
- Promote entrepreneurship and business innovation as a means of harnessing the creative potential of small businesses and investing in the economic success of the community.
- Encourage the development and growth of non-profit organizations who serve the community.
IN ORDER TO BE ELIGIBLE FOR A LOAN
- A business must have its primary office/headquarters or operations within Boulder County;
- The annual gross revenue of a for-profit business for the year immediately preceding the date of the loan may not exceed Two Million Dollars ($2,000,000);
- Non-profit businesses must provide services for low and moderate income individual; and
- There are no restrictions on the type of business eligible for loans so long as the activities or the business are legal and in the best interests of the community.
PURPOSE OF LOAN - Loans may be used for most business purposes including, but not limited to the following:
- Inventory purchases
- Star-up expenses
- Equipment purchases
- Operations
- Tenant finish and property improvements
- Purchase of a business
LOAN SIZE - Loans may range up to a maximum of Fifty Thousand Dollars ($50,000).
UNDERWRITING PROCESS The following factors will be considered:
- Owner's equity in business - an owner's investment in the business in terms of cash, equipment, inventory, etc.
- Collateral - Personal and business assets available to repay the loan in the event that cash flow is not available for repayment.
- Credit - Credit history shall be evaluated on three levels: credit score, bankruptcy index and itemized evaluation.
- Cash flow and profitability - The ability of a business to meet all of it expenses with revenue from its operations.
APPLICATION FEE - $25.00 per borrower.
If you would like additional information on the Boulder Microloan Program please contact Lewis Hager at lewis@coloradoenterprisefund.org or call him at (720) 473-4055.
