NoCo, Boulder Valley counties draw millions in SBA loans

DENVER — Boulder, Broomfield Larimer and Weld counties drew more than $160 million in U.S. Small Business Administration loans during fiscal year 2018.

These funds came from the SBA’s 7(a) loan program and 504 loan program. The 7(a) program offers guarantees on loans of up to $5 million, which are commonly used for acquiring land, purchasing equipment or working capital. The 504 loan program helps provide long-term financing for small businesses to purchase fixed assets.

Boulder County led the way during the fiscal year that ended Sept. 30, with a total of more than $75 million in loans, according to SBA data. Larimer and Weld counties followed with roughly $38.8 and $37.7 million, respectively. Broomfield County brought in almost $9.5 million.

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“Colorado’s economy remains one of the strongest in the nation, and the SBA’s small business lending programs continue to be a critical economic development driver in the state creating or retaining more than 17,000 jobs,” SBA Colorado district director Frances Padilla said in a prepared statement.

Local SBA loan highlights

Boulder County, 7(a) loan program and the 504 loan program combined total: $75,060,900

Broomfield County: $ 9,469,300

Larimer County: $38,842,300

Weld County: $37,713,100

Statewide highlights

1,436 loans valued at $730.1 million were approved through the 7(a) program.
162 loans worth $152 million were approved through the 504 loan program.
Average loan size for 7(a) loans was $508,357
Average loan size for 504 loans was $938,272.
390 loans worth $189 million went to minority-owned small businesses.
603 loans worth $281 million went to women-owned businesses.
97 loans worth $39 million were approved for veteran-owned businesses.