Denver, September 11, 2015 – Colorado Enterprise Fund (CEF) announced it received a $2 million 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.
The CDFI Fund awarded $202 million in grants and loans to 195 Community Development Financial Institutions (CDFIs) across the country through the latest rounds of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program).
CEF was one of four Colorado CDFIs to receive awards this year and received the maximum amount. The other recipients are Mile High Community Loan Fund ($2 million), Mercy Loan Fund ($1.4 million), and La Plata Homes Fund Inc ($125,000).
"We are honored to receive this significant award from the CDFI Fund," said Ceyl Prinster, President and CEO of Colorado Enterprise Fund. “This award will accelerate our ability to finance businesses that create jobs, enhance economic vitality and expand community prosperity, especially for those left behind by the improving economy.”
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 $9.1 million to date (including its recent $2 million award) to continue that work and to expand its focus toward development of healthy foods systems.
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 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the NACA Program, the Bank Enterprise Award Program, the Capital Magnet Fund, and the Financial Education and Counseling Pilot Program. In addition, the CDFI Fund has allocated $43.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $525 million has been guaranteed in bonds through the CDFI Bond Guarantee Program. To learn more about the CDFI Fund and its programs, please visit: 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 $45 million in loans to more than 1600 businesses to help create or retain over 13,500 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
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