This Fund will offer critical capital and coaching support to small businesses in the City of Centennial, Colorado in Response to the COVID-19 Pandemic
DENVER, April 17, 2020–Colorado Enterprise Fund (CEF), in partnership with the City of Centennial, Colorado has created the Centennial Small Business Loan Fund to help small businesses in Centennial access capital and business coaching. The goal is to provide swift support to viable businesses, during the COVID-19 crisis with immediate relief, recovery and rebuilding programs, through a CEF COVID-19 Relief Loan.
To create the Fund, The City of Centennial invested $200,000, which is boosted by a match from CEF for a total of $220,000 to be deployed as COVID-19 Relief Loans to small businesses in Centennial.
Colorado Enterprise Fund’s COVID-19 Relief Loan is a new loan product, now available to Centennial small businesses. This loan is intended to serve as a bridge or a complement to the SBA relief loan programs through the Federal CARES Act. Colorado Enterprise Fund’s COVID-19 Relief Loan is available in amounts up to $25,000 on a first-come, first-served basis, with up to six-year terms, and six-months, interest-only payments, with quick turnaround when businesses have necessary documents ready.
“It’s our commitment to continue to help small businesses throughout the state survive during this rapidly changing time and through the inevitable ripple effects to come,” says Ceyl Prinster, President and CEO of CEF. “The primary goal of the Centennial Small Business Loan Fund and our COVID-19 Relief Loan is to help stabilize vulnerable small businesses in Centennial and therefore help retain jobs. In addition to financial resources, we are offering business continuity support and coaching on topics like managing payroll and cash flow, taking care of employees during and after the pandemic, and more.”
“This has been an unprecedented challenge for our community, including our local businesses,” says Centennial Mayor Stephanie Piko. “I am hopeful that this innovative partnership between the City of Centennial and Colorado Enterprise Fund will build upon our community support for our businesses by providing additional financial assistance until we can get to the other side of this pandemic. I am pleased that we are able to act in such a nimble manner to get businesses an additional tool for much needed financial assistance. Colorado Enterprise Fund has been a great partner, and we are excited to launch a new program with an established small business lender in Colorado.”
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.
Interested Centennial applicants can fill out a loan inquiry form at centennialco.gov/covid19relief. For more information about the Centennial Small BusinessLoan Fund, contact CEF at 303-860-0242 or by emailing [email protected], or contact the City of Centennial by emailing [email protected]
About Colorado Enterprise Fund
Founded in 1976, 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 Centennial, Colorado
Located in south metro Denver, Centennial is uniquely positioned to enjoy the benefits Colorado has to offer. The City’s landscape boasts extensive open spaces, scenic mountain vistas, native wildlife, and connections to some of the region’s most impressive trail networks and recreational amenities. The award-winning Littleton Public Schools and Cherry Creek School District are among the top school districts in the state and serve the residents of Centennial. USA Today and Money Magazine have ranked Centennial among the “Best Places to Live” in America. The City is known as an innovative leader in successfully using both public and private partnerships to provide high quality and cost-effective municipal services to our community and businesses.
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Kelly Nelson Leathers
Colorado Enterprise Fund
City of Centennial