Colorado Enterprise Fund (CEF) announced the creation of a microloan fund with the City of Loveland (City) and Loveland Chamber of Commerce (Chamber) to provide access to capital for small businesses and start-ups headquartered in Loveland, CO. The City granted an initial $50,000 and Chamber bank members donated $100,000, which CEF matched with an additional $150,000 to launch the fund with $300,000.
CEF has similar funding partnerships with the cities of Arvada, Boulder and Longmont, and with Weld County, where small businesses are integral to the local economy and character of these Front Range communities.
The goals of the Loveland Microloan Fund (Fund) are to help small businesses that don’t qualify for bank financing, facilitate business creation and retention in Loveland, collaborate with City resource partners to promote entrepreneurship and business innovation, and to encourage small business ownership that supports community prosperity and economic self-sufficiency.
The Fund will provide business loans up to $50,000 to small businesses with annual gross revenues under $2 million that are not able to obtain traditional financing but are capable of sustaining business operations and repaying debt. These businesses must have their primary office or operations located in, or owners who reside within, City limits. Loans can be used for start-up expenses, equipment and inventory purchases, operations, tenant finish and property improvements, as well as for the purchase of a business or franchise. Applications are being accepted online at https://coloradoenterprisefund.org/apply-for-a-loan-now/
Business support services will be provided by the new Small Business Development Center located at the Warehouse Business Accelerator in Loveland in collaboration with the Larimer County Small Business Development Center and Loveland Chamber of Commerce. CEF will also provide business advisory services at little-to-no cost to Fund borrowers for the life of their loans through CEF’s in-house team of small business consultants. CEF currently has 24 borrowers in Loveland active in construction, professional services, restaurants and retail trade.
For more information about the Loveland Microloan Fund, contact:
- Lewis Hagler, Director of Credit, Colorado Enterprise Fund, 720.473.4055;
- Mike Scholl, Economic Development Manager, City of Loveland, 970.962.2607;
- Mindy McCloughan, President & CEO, Loveland Chamber of Commerce, 970.744.4791
About Colorado Enterprise Fund
Founded in1976, Colorado Enterprise Fund (CEF) provides loans up to $500,000 to finance small businesses and start-ups unable to secure funding through traditional banks. With a mission to accelerate community prosperity by financing and supporting entrepreneurs and small businesses, CEF has provided over $46 million in loans to almost 1700 businesses to help create or retain over 14,000 jobs in the state since 1990. A nonprofit Community Development Financial Institution (CDFI), CEF is based in Denver with a satellite office in Fort Collins. CEF’s lending and consulting services are available statewide. For more information, visit: www.coloradoenterprisefund.org
About City of Loveland
Founded in 1877, the City of Loveland is a home-rule municipality located in Larimer County. Named in honor of William A.H. Loveland, the president of the Colorado Central Railroad, Loveland occupies 25.5 square miles and has a population of 67,000 per the 2010 census. Originally an agricultural economy, Loveland now supports a diverse manufacturing base supplemented by healthcare, high-tech and tourism industries due to its proximity to Estes Park and Rocky Mountain National Park. Loveland boasts a 300-piece public art collection and hosts an annual sculpture event drawing artists from across the country and around the world. For more information, visit: www.ci.loveland.co.us/
About Loveland Chamber of Commerce
Founded in 1902, the Loveland Chamber of Commerce promotes business and community prosperity by providing events, programs and opportunities to educate its 700+ members about current business trends. The Chamber is responsible for the Old Fashioned Corn Roast Festival, one of Loveland’s largest community festivals, and the annual Loveland Valentine Re-mailing Program, in addition to supporting day-to-day events in the Loveland community. For more information, visit: www.loveland.org/