The Colorado Revolving Loan Fund provides loans that help small to medium-sized Colorado businesses negatively impacted by the COVID-19 pandemic. These loans range from $5,000 to $750,000. These loans are intended to provide startup and working capital that will help create and retain jobs across the state of Colorado.
The maximum interest rate is 10%, and the expected average interest rate of these loans is 4%. Loans may be character-based and may have terms up to 20 years based on the type of loan.
This fund prioritizes socially and economically disadvantaged businesses and non-profits. We will work with community-based organizations to reach people, and extend effort to assist and qualify these types of businesses including using non-traditional underwriting criteria such as character-based lending and providing bi-lingual support where possible.
These loans are funded by the US Department of Commerce's Economic Development Administration and is administered by these Colorado-based nonprofit lenders:
- Colorado Lending Source
- Colorado Enterprise Fund
- Region 9 Economic Development District of Southwest Colorado
Eligible organizations include any registered for-profit business and non-profit organizations.
Borrowers can come from a wide variety of business sectors including outdoor recreation, tourism, food services, hospitality, and creative organizations. To the extent permitted by federal law and regulation, we hope to provide loans to USDA-certified hemp businesses and value-added hemp manufacturing businesses.
This fund places a special focus on serving historically underserved market segments and customer groups which include:
- Native American or tribal
- businesses in low income and rural communities
Businesses may contact one of three lenders to apply for these loans. Depending on your business's location, you should apply to a specific lender. Urban and front range businesses should reach out to Colorado Lending Source or Colorado Enterprise Fund. Rural and non-front range businesses should reach out to Region 9.
Region 9 Economic Development District of Southwest Colorado
Laura Lewis Marchino, Executive Director