Colorado Startup Loan Fund Introduces New Financing Options to Help Small Businesses Grow

The Colorado Startup Loan Fund was recently announced by the Business Financing and Incentives Division of the Police Administration and the Colorado Office of Economic Development and International Trade (OEDIT). Rebuild your business. The fund will focus on serving business owners who have historically faced barriers to bank financing to start and grow the types of thriving businesses that make up the heart of Colorado’s economy and community. make it possible.

“As a Coloradoan who knows what it’s like to start and run a business, I am committed to supporting Colorado entrepreneurs and providing common sense help to save people and businesses money. The Colorado Startup Loan Fund is an exciting new opportunity to help entrepreneurs bring their ideas to life and create the next generation of great jobs in Colorado,” said Gov. Jared Polis.

OEDIT partners with eight lenders to implement the Colorado Startup Loan Fund, providing loans under $150,000 and microloans to small business owners and entrepreneurs across Colorado. The program aims to make financing possible for entrepreneurs who may not qualify or need larger loans by offering smaller than average loans with favorable terms and interest rates. I’m here. These lenders are businesses that are rurally located, do not speak English, have never made loans, lack the traditional assets needed to secure financing, or were previously unable to obtain loans. Selected for their ability to work with the Lord. .

“Great business ideas can be found in Colorado communities of all sizes and demographics,” said OEDIT Executive Director Patrick Meyers.

“Small business owners bring life to Colorado communities. They start food trucks, develop new lifestyle and gaming apps, and start salons that become community favorites. The Colorado Startup Loan Fund helps cash-strapped entrepreneurs raise money they can feel financially secure as they start, establish and grow a profitable business. It helps.”

The Colorado Startup Loan Fund was founded by HB21-1288 and sponsored by Colorado Representatives Jennifer Bacon and Monica Duran and Senator James Coleman. The bill recognizes that the business environment has changed as a result of the COVID-19 pandemic, and many entrepreneurs who have filed for bankruptcy or closed down because of the pandemic will have to face financial hardships due to declining credit or other pandemics. We recognize that re-entry into the market may be hindered. – Relevant financial impact. This fund supports the creation of new businesses and the restructuring of existing businesses in today’s market.

“There are 1.2 million Coloradoans working in small businesses, which is 48% of all Colorado employees,” said Rep. Bacon. “Thank you to my colleagues for helping me pass such an important piece of legislation and establish Colorado Startups His Loan Fund. It is guaranteed that you will remain the Lord.”

“Approximately 70% of small business owners in Colorado are women, veterans, Black, Hispanic, or other racial minorities. By helping small business owners, the Colorado Startup Loan Fund plays a key role in helping business owners who may have experienced funding obstacles in the past,” said Rep. Duran. increase.

“Colorado small business employment growth has outpaced national growth. “We are once again proving to be central to Colorado’s economy. It was an honor to join my colleagues in sponsoring this bill,” said Senator Coleman.

The fund will be managed as a revolving loan fund and aims to create an evergreen fund where $1 will provide multiple loans over many years. The eight lenders selected to participate in the fund are:

A total of $31.35 million in funding is available through the Colorado Startup Loan Fund. Business owners interested in the program can visit https://oedit.colorado.gov/.See Getting Started for more information.

The Colorado Office of Economic Development and International Trade (OEDIT) works with partners to create a positive business environment that fosters dynamic economic development and sustainable job growth. Under the leadership of Governor Jared Polis, we strive to move our state’s economy forward through financial and technical assistance that fosters local and regional economic development activities throughout Colorado. OEDIT offers a number of programs and services tailored to support business development at all levels, including business maintenance services, business transfer services, business funding and incentives. Our office has a global business development department. Colorado Bureau of Tourism; Colorado Outdoor Recreation Industry Office; Colorado Creative Industries; Business Financing and Incentives Division; Colorado Small Business Development Network. cannabis sales offices; Colorado film, television and media offices; Minority business office. employee-owned offices; and rural opportunity offices. For more information, visit oedit.colorado.gov.