Colorado Enterprise Fund launching loan program for veterans

DENVER — The Colorado Enterprise Fund is launching a new program to provide discounted loan rates and extended terms for military veterans who are unable to secure financing through traditional banks.

The program, called Veteran Access Loan Opportunity Resource, or VALOR, is available to U.S. military veterans and Gold Star Families, the surviving spouses and children of veterans, in Colorado.

The program’s official launch date is Veteran’s Day, Nov. 11, but CEF plans to introduce the program in Colorado Springs during National Veterans Small Business Week that runs from Oct.  30 through Nov. 3. For more information and to register for the free event, click here.

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The program offers loans of 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 percent from standard CEF rates with loan terms of up to 10 years and interest-only periods of up to six months.

“We recognize that military veterans have the skills and discipline to be successful small business owners and can serve their customers, employees and communities as well as they served our country,” said Ceyl Prinster, CEF’s president and chief executive. “Access to affordable capital for vets and their families continues to be a challenge, and we are proud to offer a new program that supports our veterans who are planning to start or grow a business in Colorado.”

CEF has not previously offered a formal program for military veterans and their families, but over the past two decades the lending organization has provided 30 loans to veterans in Colorado totaling $1.2 million. These loans have created 200 jobs and allowed for the retention of nearly 100 jobs in the state.

Those interested in applying for the VALOR loan program can apply online via the CEF website or can contact Mike Jensen, a senior loan office and Army veteran at mike@coloradoenterprisefund.org.