Denver – Colorado Enterprise Fund (CEF) announced it received a $776,500 award from the U.S. Department of Treasury's Community Development Financial Institutions (CDFI) Fund to support CEF’s small business lending and technical assistance programs statewide.
The CDFI Fund awarded $208.7 million in grants and loans to 303 Community Development Financial Institutions (CDFIs) across the country through the fiscal year 2017 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program).
CEF was one of seven Colorado-based CDFIs to receive awards. Other recipients included Denver-based Mercy Loan Fund, Mile High Community Loan Fund and Triple Bottom Line Foundation, plus Aurora-based Community Enterprises Development Services. Outside the Denver Metro area, First Nations Oweesta Corporation in Longmont and La Plata Homes Fund in Durango received awards.
"We are honored to receive this funding from the CDFI Fund again this year," said Ceyl Prinster, President and CEO of Colorado Enterprise Fund. “This award will expand our ability to finance businesses that create quality jobs, enhance long-term economic vitality and expand community prosperity to insure more residents benefit from Colorado’s robust economic growth.”
Certified as a CDFI in 1996, CEF received its first CDFI Fund award of $275,000 in 1997 to increase capital access for small business owners across Colorado. Since then, CEF has been awarded close to $10 million to date (including its most recent CDFI award) to continue that work plus expand its focus to increase access to healthy foods and serve more communities of color and businesses located in persistent poverty counties.
The CDFI Fund invests in and builds the capacity of community credit unions, banks, loan funds, and other financial institutions serving rural and urban communities across the nation that lack adequate access to affordable financial products and services. Through the first 20 rounds of this program, the CDFI Fund has awarded more than $1.5 billion, helping build a nationwide network of more than 950 CDFIs located in every state, all focused on economically empowering the communities they serve.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $2.5 billion to CDFIs, community development organizations, and financial institutions through the Community Development Financial Institutions Program, the Native American CDFI Assistance Program, and the Bank Enterprise Award Program. In addition, the CDFI Fund has allocated $50.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, closed guaranteed bonds in the amount of $1.1 billion through the CDFI Bond Guarantee Program, and awarded more than $171 million through the Capital Magnet Fund. To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at www.cdfifund.gov.
About Colorado Enterprise Fund
Founded in1976, Colorado Enterprise Fund (CEF) provides loans up to $500,000 to finance small businesses and start-ups unable to secure funding through traditional banks. With a mission to accelerate community prosperity by financing and supporting entrepreneurs and small businesses, CEF has provided over $63 million in loans to more than 2,000 businesses to help create or retain over 17,000 jobs in the state since 1990. A nonprofit Community Development Financial Institution (CDFI), CEF is based in Denver with lending services available statewide. For more information, visit: www.coloradoenterprisefund.org