Denver, November 1, 2018 – Colorado Enterprise Fund (CEF), in partnership with the East Colorado Small Business Development Center (SBDC), is proud to announce that the Weld County Board of Commissioners (County) recently 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, Colorado.
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 over 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 the 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. Thank you Weld County and Colorado Enterprise for your ongoing support and advocacy of small business!"
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:
About Colorado Enterprise Fund
Founded in1976, Colorado Enterprise Fund (CEF) provides loans up to $500,000 to finance small businesses and startups 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 $80 million in loans to more than 2,300 businesses to help create or retain over 18,000 jobs in the state. A nonprofit Community Development Financial Institution (CDFI), CEF is based in Denver with a satellite office in Fort Collins. CEF’s lending and consulting services are available statewide. For more information, visit: www.coloradoenterprisefund.org
About East Colorado SBDC
The East Colorado SBDC has 29 offices across eastern Colorado with business experts in the areas of marketing, finance, strategy, HR, business planning, start-ups, and more. The team consists of 13 consultants who can assist small businesses with virtually any business assistance topic that may arise. Through the center, over 600 clients have expressed a 95% satisfaction rate. In addition to consulting, the East Colorado SBDC provides low-cost training workshops presented by industry experts who provide concrete, how-to information. Workshop topics range from starting a business to hands-on QuickBooks training to social media and e-commerce tips and tricks. For more information, visit: http://www.eastcoloradosbdc.com/
About Weld County
Established in 1861 when Colorado was still a territory, the growth of Weld County is rooted in its land. The third largest county in Colorado, Weld covers 3,996 square miles in the northern part of the state. It ranks number one in Colorado, and number eight in the country, in the value of agricultural products sold annually at $1.5 billion. The county also is known for its energy industry with oil and gas reserves active since the 1970s, boasting more oil and gas wells than any other area in the state. Weld County also supports a thriving business climate hosting major employers such as Anadarko Petroleum, Aurora Organic Dairy, Banner Health, Carestream Colorado, Halliburton Energy Services, JBS USA, Leprino Foods, Noble Energy, State Farm Insurance and Vestas Blades. For more information, visit: www.co.weld.co.us/