Denver, May 24, 2018 – The Colorado Enterprise Fund (CEF) is proud to announce that VALOR, its loan program created in 2017 to support U.S. military veterans and Gold Star Families in Colorado, has surpassed the $1 million dollar mark in loans produced within the first seven months since its launch. The program was introduced this past Veteran’s Day and provides discounted loan rates and extended terms for military veterans who are unable to secure financing through traditional banks.
Since November, the VALOR loan program has helped 16 more U.S. military veteran borrowers either start or grow their business in Colorado. “Working with CEF has been a life preserver for H.C. Trucking,” says owner of the freight shipping and trucking company Ron Burnett, a retired master sergeant from the United States Air Force. “When we were informed about the VALOR Loan Program, we worked with CEF to re-negotiate a lower interest rate and the process was seamless. This has truly been a collaborative partnership, and we’re proud to be part of the CEF family.”
The VALOR loan program offers loan amounts up to $500,000 for working capital, equipment, inventory, property improvements, business purchases and commercial real estate. The program offers a loan rate that is discounted 2% from standard CEF rates with loan terms of up to ten years and interest-only periods of up to six months.
“We are thrilled to have been able to help so many veterans pursue their dream of owning a small business,” said Ceyl Prinster, CEF’s President and CEO. “Access to affordable capital for vets and their families continues to be a challenge and we are proud to offer this program to support those who have supported our country by serving in the military.”
Before CEF launched VALOR, the lending organization had provided 33 loans to vets over the course of two decades totaling $1.5 million. With the help of the VALOR program, as of this month, CEF has provided almost 50 loans to vets totaling $2.6 million. These loans have created 385 jobs and allowed for the retention of nearly 125 jobs in the state.
One of CEF’s veteran borrower success stories is Knotty Tie Company. Located in Denver, the company is co-owned by a Navy veteran and employs skilled resettled refugees to produce handmade, custom-designed ties and accessories predominantly for the wedding market. “Economic growth is driven by small business,” says Navy veteran Jeremy Priest. “CEF plays an instrumental role in ensuring that all segments of Colorado’s society can participate and create opportunities for themselves, their families and communities.”
Those interested in applying for the VALOR loan program can apply online via the CEF website and/or can contact CEF Senior Loan Officer and Army veteran, Mike Jensen, at [email protected].
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 obtain funding through traditional banks. CEF has dispersed over $75 million in startup and growth capital to almost 2,000 businesses, and created or retained more than 18,000 jobs in the state. A non-profit Community Development Financial Institution (CDFI), CEF is based in Denver with lending services available statewide. For more information, visit: www.coloradoenterprisefund.org
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