Colorado Lending Source, in partnership with Region 9 and Colorado Enterprise Fund (CEF), has been granted funds from the US Federal Economic Development Administration for the creation of an $8 million statewide Revolving Loan Fund (RLF).
The Revolving Loan Fund will be supported by the Colorado Office of Economic Development and International Trade (OEDIT) and the Colorado Department of Local Affairs (DOLA), working in conjunction with the Colorado Governor’s Financial Review Committee (FRC) to administer the fund to the entire state of Colorado.
Any registered business or nonprofit organization is eligible to request loan funding from the Revolving Loan Fund if they meet EDA requirements and cannot access bank loans. The institutions involved in administering the fund will serve communities across Colorado, including but not limited to minority, Native American or tribal, immigrant, women, disabled and veteran-owned businesses as well as businesses in low-income and rural communities.
“Cultivating access to capital for Colorado’s small businesses is a core priority that’s only increased in its importance during the pandemic,” said Betsy Markey, Executive Director of the Office of Economic Development and International Trade. “The new statewide revolving loan fund is an important component in our work to provide affordable loans for the business community.”
This Revolving Loan Fund will be made available through loan participations, syndications, and referral opportunities with nonprofit lenders and banks and direct loans to support small businesses in Colorado that are recovering from the COVID-19 pandemic and its economic impact. CLS, CEF, and Region 9 will work with the nonprofit lender community to make sure these funds reach businesses that may need additional support beyond what is currently available from the federal government and state agencies, nonprofit lenders, banks and other sources of private capital.
For information about the statewide Revolving Loan Fund, please email Marie Peters.