Colorado Microloans

Colorado Microloans range from $5,000 to $50,000 to help start-ups and entrepreneurial small businesses that are underserved by traditional debt markets. Preference is given to businesses in rural areas. These small, character-based loans have terms up to eight years. The maximum interest rate is the prime rate plus 2%.

The Colorado Economic Development Commission (EDC) created this program. Our Business Funding and Incentives division funds and administers it, and three nonprofit lenders make the loans.

Overview

Type: Loan

For: Startups and small businesses

Amount: $5,000 to $50,000 per business

Application deadline: Rolling

OEDIT division: Business Funding and Incentives

The borrower needs to:

  • have no more than 15 employees at the time the loan is made
  • be a for-profit entity in Colorado with a majority of employees working in Colorado
  • have a substantial possibility to become a viable business with the potential to create good jobs
  • be documented by the lender as an “underserved small business”
  • meet the lender’s underwriting standards

Businesses may contact one of three lenders to apply for a Colorado Microloan. You can apply to more than one lender and receive loans from more than one lender.

Colorado Lending Source
Mike O'Donnell, Executive Director
mike@coloradolendingsource.org
(303) 657-4812

First Southwest Community Fund
Sherry L. Waner, Specialized Lending Department Manager
AllSpecialLending@fswb.com
(970) 946-6160

Region 9 Economic Development District of Southwest Colorado
Laura Lewis Marchino, Executive Director
laura@scan.org
(970) 247-9621

Program Manager

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