Colorado Enterprise Fund Launches New Small Business Loan Program for Military Veterans:
Veteran Access Loan Opportunity Resource (VALOR)
Denver, October 30, 2017 – The Colorado Enterprise Fund (CEF) is proud to announce a new loan program created to support U.S. military veterans and Gold Star Families (surviving spouses and children of veterans) in Colorado. Officially launching on Veteran's Day, Nov. 11, 2017, VALOR will provide discounted loan rates and extended terms for military veterans who are unable to secure financing through traditional banks.
The VALOR loan program offers loan amounts up to $500,000 for working capital, equipment, inventory, property improvements, business purchases and commercial real estate. The program offers a loan rate that is discounted 2% from standard CEF rates with loan terms of up to ten years and interest-only periods of up to six months.
“We recognize that military veterans have the skills and discipline to be successful small business owners and can serve their customers, employees and communities as well as they served our country,” said Ceyl Prinster, CEF’s President and CEO. “Access to affordable capital for vets and their families continues to be a challenge, and we are proud to offer a new program that supports our veterans who are planning to start or grow a business in Colorado.”
While CEF has not previously offered a formal program for military veterans and their families, over the past two decades the lending organization has provided 30 loans to vets in Colorado totaling $1.2 million. These loans have created 200 jobs and allowed for the retention of nearly 100 jobs in the state. An example of a CEF veteran borrower is Knotty Tie Company, located in Denver, which is co-owned by a Navy veteran and employs skilled resettled refugees to produce handmade, custom-designed ties and accessories predominantly for the wedding market.
Those interested in applying for the VALOR loan program can apply online via the CEF website or can contact CEF Senior Loan Officer and Army veteran, Mike Jensen, at firstname.lastname@example.org
As Senior Loan Officer, Mike consults with our applicants about their business plans, performs credit analysis and loan underwriting, is involved with ongoing business advisory services to borrowers and also conducts marketing visits with our community partners and referral sources. Prior to joining CEF in 2012, Mike served in Iraq with the United States Army. He has a Bachelor of Science in Business Administration degree with a double emphasis in accounting and finance from the University of Colorado.
CEF Introduces VALOR Program at Colorado Events for National Veterans Small Business Week (Oct. 30 through Nov. 3)
CEF will be introducing its new VALOR Loan Program at several events and workshops in Colorado for military vets and their families during the upcoming National Veterans Small Business Week. The mission of this week is to celebrate, connect and empower veterans, service members (including National Guard and Reserve members), and military spouse entrepreneurs and business owners – past, present, and future. CEF will be distributing information about the VALOR Loan Program at National Veterans Small Business Week events in Fort Carson and Colorado Springs including: Boots to Business - Fort Carson and Colorado Springs Government Procurement and Exhibition Summit (Nov.1 and Nov. 2) and at the Small Business & Government Contracting Seminar in Colorado Springs (Nov. 2).
CEF staff members will introduce and speak about the VALOR Loan Program at events sponsored by Colorado Enterprise Fund in Colorado Springs during National Veterans Small Business Week including:
· Wednesday, Nov. 1: Business Opportunities for Vet-Owned Businesses
o Veteran Affairs Certifications Workshop. For information and to register for the free event, please visit here.
o Navigating Federal, State and Local Small Business Certifications. For information and to register for the free event, please visit here.
o Franchising for Veterans with guest speaker Cindy Rayfield of FranNet Mountain West. For information and to register for the free event, please visit here.
· Friday, Nov. 3: Veterans Entrepreneurial Week Closing Reception in Colorado Springs
This networking reception is for all veterans, active duty military and their families in small business will close out National Veterans Small Business Week.
For more information and to register for the free event, please visit here.
About Colorado Enterprise Fund
Founded in 1976, Colorado Enterprise Fund (CEF) provides loans up to $500,000 to finance small businesses and startups 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 $64 million in loans to more than 2,000 businesses to help create or retain over 17,000 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
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