12% of Coloradans are food insecure and 1/3 all Colorado residents live in food deserts (USDA), many of which are in poor, rural counties. Without access to affordable healthy food, low-income and minority Coloradans have significantly poorer health outcomes.
Thanks to our partnerships, we are able to offer specific funding via HFFI and CO4F. Read more about why this matters to us at CEF at this blog post and continue reading below for loan program details.
Since we first launched our Healthy Food Access Loan Program in 2013, we've helped small businesses bring healthy food to communities where it was lacking. We're on a mission to keep up this work and reach even more small businesses so that we can all work to improve our community health and wellness and make healthy food more accessible for all Coloradans.
Colorado Small Businesses
What is HFFI?
What is CO4F?
Where can I find more information and resources on healthy food access in Colorado?
"Once again, CEF has come to the rescue. Because of their swift action and personally helping us navigate the complex government requirements [for the PPP], we now have the funds to re-open in 30 days with all nine employees still on board."
Diana Gadison | Executive Director | Early Success Academy
Small businesses and nonprofits – 501(c)(3)s, including religious organizations, with 500 or fewer employees; self-employed individuals and independent contractors. Business in certain industries can have more than 500 employees if they meet applicable SBA size standards for those industries.
For purposes of loan eligibility, the CARES Act defines the term employee to include “individuals employed on a full-time, part-time, or other basis.” A borrower must, therefore, calculate the total number of employees, including part-time employees, when determining their employee headcount for purposes of the eligibility threshold.
This loan has a maturity of 2 years and an interest rate of 1%. The maximum loan amount is up to $10 million. (Note: Colorado Enterprise Fund’s PPP program has a maximum loan amount of up to $250,000.)
Businesses must be operating with paid employees on February 15, 2020; be able to certify the need for funds during the COVID-19 emergency, and be able to certify the use of funds to retain workers.
If you have employees, the following methodology should be used to calculate your maximum loan amount:
Documents you must provide: