Date: Friday, October 13, 2023
FOR IMMEDIATE RELEASE
Fort Collins Launches Revolving Loan Fund to Support Small Businesses
FORT COLLINS – City Council recently approved the creation of a revolving loan fund to support local small businesses and entrepreneurs who may struggle to get approval for traditional bank loans.
In Fort Collins, businesses with 1-50 employees make up 96% of all companies. These businesses employ 38% of the workforce and provide 40% of the total wages in the local community.
A revolving loan fund offers a gap financing tool for small business development and expansion. This funding source will help improve small business survivability, stability, and expansion, which in turn facilitates job creation in the local community.
The City is partnering with Colorado Enterprise Fund (CEF) to administer the revolving loan fund. Eligible small businesses can apply for loans from the $324,000 fund with additional capital resources available through CEF. Loan principal repayments will revolve back into the fund, creating a lasting and ongoing resource for the community.
To qualify, businesses must have 1-50 employees, less than $2 million in annual revenue, and their primary business operations in the City of Fort Collins Growth Management Area. This program includes nonprofits.
More information about the program, including how to apply, should become available in early 2024.
Contact: SeonAh Kendall email@example.com
Katie Geiger firstname.lastname@example.org