Banking & Finance  December 2, 2016

Weld County OKs $200,000 in new funding for small-business microloan fund

GREELEY — The Weld County commissioners have approved $200,000 in funding to continue support of the Weld County Microloan Fund, which provides access to capital for small businesses and startups headquartered in Weld County.

The fund is administered through the Colorado Enterprise Fund and the East Colorado Small Business Development Center.

Established in 2013, the Weld County Microloan Fund has provided $1.3 million in loans to 31 small businesses that have created more than 260 jobs in the county. The fund was launched with a $200,000 investment from the county that CEF matched at $200,000 to create a $400,000 loan fund. Support from the county continued in 2015 with another $150,000 investment, which CEF matched at $150,000 to add $300,000 to grow the fund.

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With the most recent grants, the fund has $1.1 million available to Weld County-based small businesses.

CEF has similar funding partnerships with the cities of Arvada, Boulder, Longmont and Loveland, and with Adams County.

The Weld County Microloan Fund provides business loans up to $50,000 to small businesses with annual gross revenue less than $2 million that are not able to obtain traditional financing but are capable of sustaining business operations and repaying debt. Loans can be used for startup expenses, equipment and inventory purchases, operations, tenant finish and property improvements, as well as for the purchase of a business or franchise.

Small-business owners interested in applying for and receiving loans from the fund must be clients of the East Colorado SBDC located at the University of Northern Colorado Bizhub Collaborative.

“I know this fund has had a huge impact on small businesses in the county, and this renewed support will just add to the ability to continue to do more,” said Richard Pickett, executive director of UNC BizHub Collaborative and the East Colorado SBDC.

CEF also provides technical assistance at little or no cost to fund borrowers for the life of their loans through CEF’s in-house team of small-business consultants.

Applications can be submitted online here.

GREELEY — The Weld County commissioners have approved $200,000 in funding to continue support of the Weld County Microloan Fund, which provides access to capital for small businesses and startups headquartered in Weld County.

The fund is administered through the Colorado Enterprise Fund and the East Colorado Small Business Development Center.

Established in 2013, the Weld County Microloan Fund has provided $1.3 million in loans to 31 small businesses that have created more than 260 jobs in the county. The fund was launched with a $200,000 investment from the county that CEF matched at $200,000 to…

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