Colorado Enterprise Fund

Colorado Enterprise Fund Newsletter

Happy Holidays!

December 2004

 

Greetings!

Your friendly small business newsletter is back with updates for our friends and supporters.

This Month We Feature.....

·  CEF Expands BankLink Program with JP Morgan Chase - Bank One

·  Meet a Borrower - Culinary Software

·  Direct Deposit for Payments has Arrived!



CEF Expands BankLink Program with JP Morgan Chase - Bank One

CEF does not compete with banks, but we do partner with them. This important message is seen in our BankLink Program where we form strategic partnerships with financial institutions. Kim Weaver-McDonald (pictured left) of JP Morgan Chase - Bank One and Ceyl Prinster (right) CEF Executive Director, recently inked a deal where CEF provides technical assistance to bank clients.

The bank benefits from CEF's BankLink Program because bank clients receive assistance with their SBA Community Express loan application and get ongoing business consulting. CEF benefits by expanding its Technical Assistance Program and by building relationships with bankers. Eric Holloway, Mgr. of Consulting Services, explains "We are able to utilize our expertise to help the bank's applicants with pre- and post-loan technical assistance." He adds "When an applicant doesn't fit the profile for a bank loan, our loan program becomes a convenient option to consider."



Meet a Borrower - Culinary Software

Brian Bennett, founder and owner of Culinary Software (pictured second from left) and CEF have worked together since the early days of his company. A loan in 1997 provided operating capital and covered marketing expenses for the rollout of his ChefTec software. Many commercial kitchens across the country now rely on ChefTec to manage their operations. Tasks such as purchasing, monitoring recipe costs, bidding on special orders, and even payroll are simplified and allow a restaurant to run more efficiently.

Since that initial loan was made, Brian has seen his company grow in size many times over. A new loan made this year will continue to help the company better manage its finances and improve cashflow.

Culinary Software's client list is a who's who of the hotel and restaurant industry. Users include Marriot, Whole Foods, Hyatt Regency, Southern California School of Culinary Arts, Dean & Deluca, and Charlie Trotters. "Based on the latest financials I've seen, things continue to look up at Culinary" said Lewis Hagler, CEF Director of Loan Operations. "This company is an obvious success story."



Direct Deposit for Payments has Arrived!

In our continuing efforts to do more with less, CEF has streamlined the process of loan payment remittance. The patient work of Angela Valdez, (left) CEF Manager of Loan Services, has paid off (no pun intended) with a new Direct Deposit option for borrowers. CEF is partnering with US Bank to offer this service.

It should come as no surprise that when loan payments are automatically transferred at the beginning of the month, late pays decrease significantly. This service is optional now but may be mandatory in the future. It is our hope that a special mailing at the beginning of the year will encourage more borrowers to sign up for Direct Deposit. Atta' girl Angela!

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Colorado Enterprise Fund | 1888 Sherman Street, Suite 530 | Denver | CO | 80203