CEF COVID-19 Relief Loans and access to coaching now available for small businesses located in Adams County in response to the economic slowdown resulting from COVID-19
DENVER, May 28, 2020 – Adams County’s Board of County Commissioners, in partnership with Colorado Enterprise Fund (CEF) and the Adams County Foundation, has increased its investment in the Adams County Small Business Loan Fund to help small businesses throughout the county access capital and business coaching. The goal is to provide support through a CEF COVID-19 Relief Loan to viable small businesses to help with immediate relief, recovery and rebuilding efforts.
Loan details are as follows:
- Loan amounts up to $25,000
- Fixed rate of 3.5% and no origination fee
- 6-month interest-only period.
Eligible businesses must be (in addition to other requirements) located in Adams County, have fewer than 40 employees and be economically viable prior to March 1, 2020. Funds are limited and will be administered on a first-come, first-served basis.
The Cities of Brighton, Arvada and Commerce City also offer CEF’s COVID-19 Relief Loans on the same terms through respective partnerships. Adams County provided additional investment for these funds so that the 3.5% loan interest rate and 0% origination fees can be offered to small businesses throughout the county.
“It’s our commitment to continue to help small businesses throughout the state survive during this uncertain and stressful time, and through the inevitable ripple effects to come,” says Ceyl Prinster, President and CEO of CEF. “The primary goal of the Adams County Small Business Loan Fund’s COVID-19 relief efforts is to help stabilize vulnerable small businesses in Adams County, and ultimately retain jobs and businesses. In addition to financial resources, we offer business continuity coaching on topics like managing payroll and cash flow, taking care of employees during and after the pandemic and more.”
“Our small businesses have contributed so much to our community, and it’s now time for Adams County to step up for them,” said Mary Hodge, County Commissioner and champion of the Business Support Response & Recovery Team. “As our county re-opens, this partnership is offering these loans and coaching as lifelines for small businesses to retain staff and maintain operations until we can all get to the other side of this pandemic.”
“This partnership with CEF in a time of great need offers more tools small businesses can use for immediate relief and to come out stronger when the crisis is over,” said Jackson Dreiling, Adams County Foundation Board Chair. “Serving our community in this way is precisely why the Adams County Foundation was established, and we are excited to launch this new program with an organization that has been adaptive and proactive in helping our community during such a difficult time.”
The CEF COVID-19 Relief Loan product is a resource to help small businesses weather the storm or bridge the gap to larger federal SBA resources. The loan is not intended to compete with the SBA CARES Act loans. Rather, CEF’s loan program aligns with the underwriting and approval process and standards of the CARES Act loans so borrowers may use a similar process to apply for both. CEF’s goal is to guide borrowers through the process of applying for both sources of funding, providing the financial support they need as they wait to access federal emergency relief programs. However, this loan can also stand alone for the up to six-year term as another resource for businesses that do not qualify or cannot access SBA CARES Act funding programs.
If interested in the COVID Relief Loan, please complete an inquiry form: https://coloradoenterprisefund.org/adams-county-covid-19-relief-loan/. For more information, contact CEF at 303-860-0242 or [email protected].
Brighton, in Adams County, was first in Colorado to partner with CEF in creating a COVID-19 Relief Loan program. CEF hopes to create additional funding partnerships throughout the state to help small businesses and communities sustain themselves financially during these unprecedented times.
About Colorado Enterprise Fund
Founded in1976, Colorado Enterprise Fund (CEF) provides loans up to $1 million to finance small businesses and startups unable to obtain funding through traditional banks. CEF has disbursed $93.7 million in startup and growth capital to more than 2,600 businesses and created or retained more than 2,904 jobs in the state. A nonprofit Community Development Financial Institution (CDFI), CEF is based in Denver with lending and advisory services available statewide. For more information, visit www.coloradoenterprisefund.org.
About Adams County Response & Recovery Efforts
As part of a COVID-19 emergency management response and recovery strategy, Adams County created seven Response & Recovery Teams and launched a new website dedicated to providing key resources to support residents and businesses. Response & Recovery focus areas include aging services, business support, childcare, food security and basic essentials, housing, support for the unemployed and future workforce and uninsured and healthcare access.
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Kelly Nelson Leathers
Interim Director, Communications Adams County
O: 720.523.6112 M: 303.669.2208