June 4, 2021 – El Paso County continues its commitment to startups and local small businesses with a relaunch of a Business Loan Fund program, launching today. The Business Loan Fund will provide loan funding to private, for-profit small businesses and startups in El Paso County, who otherwise may not be able to access financing through conventional lenders. Borrowers will have access to loan funding, and wrap-around support services such as education, consulting and/or mentorship, and technical assistance services. The county has allocated funds to the Business Loan Fund program, which will be facilitated by the county’s Department of Economic Development, in partnership with Colorado Enterprise Fund (CEF), a nonprofit lender authorized by the SBA. This loan program intends to provide holistic assistance to small businesses and startups, as El Paso County continues to focus on creating a robust economic development ecosystem.
El Paso County businesses and startups with fewer than 500 employees can apply to receive a loan of up to $50,000. The funds loaned under the Business Loan Fund program can be used to pay for expenses such as financing of fixed assets, furniture and fixtures, business supplies, working capital, inventory purchases, minor renovations/rehabilitation to owner-occupied facilities, and business acquisition. Eligible businesses must be located in El Paso County and within the Pikes Peak Enterprise Zone, or the Pikes Peak region’s eight (8) federally designated Opportunity Zones.
“El Paso County recognizes the importance of ensuring that our small business community has access to diverse capital which meets business needs and helps not only start-up new businesses, but also expands business operations in our region,” said Economic Development Executive Director, Crystal LaTier. “We are excited to relaunch our revolving Business Loan Fund through a partnership with Colorado Enterprise Fund (CEF). CEF became a valued partner of our region during our community’s COVID-19 business support response, and we’re ecstatic that the partnership will now involve a longer-term and strategic approach to assisting businesses in our region.”
The El Paso County Business Loan Fund application process will open on June 4, 2021, at 8:00 AM. Loan Inquiry Form can be submitted online via the CEF website. Prospective applicants can find more information on eligibility requirements on the website linked above, as well as other information on the El Paso Business Loan Fund program.
Additional Business Loan Fund program information, including borrower eligibility and loan parameters, can be found on El Paso County’s website.
Contact: Natalie Sosa, El Paso County
Contact: Kelly Nelson Leathers