Denver, November 18, 2015 – Colorado Enterprise Fund (CEF) announced it is collaborating with Goldman Sachs 10,000 Small Businesses to deliver $3 million in loans to small businesses in communities across Denver and the Colorado Front Range.
As part of an ongoing national initiative, Goldman Sachs and the Goldman Sachs Foundation are providing $3 million in loan capital to support CEF, a Community Development Financial Institution (CDFI) headquartered in Denver. The $3 million loan will increase CEF’s ability to fund loans to small businesses that are growing and creating jobs in low- to moderate-income areas. CEF also received grant support to expand its small business lending outreach and assistance as well as provide a loan reserve fund. In order to apply for a Goldman Sachs 10,000 Small Businesses loan through CEF, businesses should be in operation for at least 2 years, have more than $150,000 in revenue and a minimum of 2 employees.
Goldman Sachs selected CEF as a partner through a competitive bid process to select lenders that could expand the 10,000 Small Businesses program into underserved urban areas. In addition, CEF was selected as one of 24 organizations under the Financing Collaborative to partake in a 2-year intensive capacity building program to increase lending in underserved communities along Colorado’s Front Range.
“CEF is delighted to partner with Goldman Sachs on its 10,000 Small Businesses Initiative. We greatly appreciate their capacity-building support of CEF, not only with this major financial commitment but also in terms of their excellent training resources for both CDFIs and the small businesses we serve,” said Ceyl Prinster, President and CEO of CEF.
“Access to capital is critical for small business owners to expand their businesses and create jobs in the local community,” said Esta Eiger Stecher, CEO of Goldman Sachs Bank USA. “We are pleased to partner with CEF to give small business owners access to the financing that can help them grow in Denver and the Colorado Front Range.”
Colorado Governor John Hickenlooper responded, “This investment brings new capital to Colorado which will enable CEF to expand its economic impact by increasing it’s lending to underserved small businesses."
In addition to Goldman Sachs’ commitment to expanding access to capital for small business owners in Denver and other Colorado cities, small business owners in the area who are interested in seeking practical business education are encouraged to apply for the Goldman Sachs 10,000 Small Businesses national education program. This 10-week program, completed by six current and former CEF borrowers in spring 2015 and two more this Fall, is delivered in partnership with Babson College through a combination of online and in-person learning. Scholarships are provided to accepted small business owners to cover participation in the program, as well as, reasonable travel expenses to participate in the in-person portions of the program. To learn more, please visit: www.10KSBapply.com.
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 obtain funding through traditional banks. With a mission to accelerate community prosperity by financing and supporting entrepreneurs and small businesses, CEF has provided over $44 million in loans to more than 1600 businesses to help create or retain over 13,000 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
About Goldman Sachs 10,000 Small Businesses
Goldman Sachs 10,000 Small Businesses is a $500 million investment to help small businesses in the United States create jobs and economic growth by providing entrepreneurs with a practical business education, access to capital and business support services. The program is based on the broadly held view of leading experts that greater access to this combination of education, capital and support services best addresses barriers to growth. The program is active in urban and rural communities across the United States. Sites include Chicago, Cleveland, Dallas/Fort Worth, Detroit, Houston, Long Beach, Los Angeles, Miami, New Orleans, New York, Philadelphia, and Salt Lake City, as well as a National Cohort at Babson College. Access to capital is also available in parts of Georgia, Kentucky, Maine, Minnesota, Montana, Oregon, Virginia and Washington. For more information, visit www.gs.com/10000smallbusinesses
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