Fort Collins selects firm to manage Main Street Loan Program

FORT COLLINS — Fort Collins has selected Colorado Lending Source to manage the Main Street Loan Program.

The program provides loans from $5,000 to $50,000 to small businesses struggling to find traditional financing sources. Colorado Lending Source, a nonprofit economic-development organization, has worked since 1990 at its mission of fostering the economic growth of diverse small businesses.

“Our partnership with Colorado Lending Source is a powerful investment and something we’re very proud of,” Fort Collins Mayor Wade Troxell said in a written statement. “We are thrilled to be able to launch this fund for Fort Collins small businesses, giving entrepreneurs or budding entrepreneurs an opportunity to start or grow here. These micro-loans also provide opportunity for women, minority, veteran, or disabled-owned businesses that couldn’t attain financing elsewhere.”

In addition to the city grant funding, Colorado Lending Source borrowed capital from Independent Bank to seed the program that will allow for enhanced economic growth and job creation in Fort Collins. Specifically, the city of Fort Collins contributed $178,730, which Colorado Lending Source has leveraged into a $1 million loan pool for underrepresented small businesses.

“We are so excited to assist small businesses in Fort Collins with better access to affordable and friendly capital to help start or grow their businesses,” said Mike O’Donnell, Colorado Lending Source’s executive director. “New and expanding smaller businesses are critical to creating a more vibrant and healthy community, so kudos to the entire city of Fort Collins team for recognizing this and creating a special loan program just for local small businesses.”

In order for businesses to be eligible, they must have fewer than 100 employees and be located in the city. The loan program places special emphasis on helping underserved businesses; however, any type of business is encouraged to apply. Loan proceeds can be used for a variety of business purposes associated with helping to start, establish, strengthen, or grow a small business with the intention of creating living-wage jobs within the city.

More information can be found at www.coloradolendingsource.org/mainstreet.

FORT COLLINS — Fort Collins has selected Colorado Lending Source to manage the Main Street Loan Program.

The program provides loans from $5,000 to $50,000 to small businesses struggling to find traditional financing sources. Colorado Lending Source, a nonprofit economic-development organization, has worked since 1990 at its mission of fostering the economic growth of diverse small businesses.

“Our partnership with Colorado Lending Source is a powerful investment and something we’re very proud of,” Fort Collins Mayor Wade Troxell said in a written statement. “We are thrilled to be able to launch this fund for Fort Collins small businesses, giving entrepreneurs or budding entrepreneurs an opportunity to start or grow here. These micro-loans also provide opportunity for women, minority, veteran, or disabled-owned businesses that couldn’t attain financing elsewhere.”

In addition to the city grant funding, Colorado Lending Source borrowed capital from Independent Bank to seed the program that will allow for enhanced economic growth and job creation in Fort Collins. Specifically, the city of Fort Collins contributed $178,730, which Colorado Lending Source has leveraged into a $1 million loan pool for underrepresented small businesses.

“We are so excited to assist small businesses in Fort Collins with better access to affordable and friendly capital to help start or grow their businesses,” said Mike O’Donnell, Colorado Lending Source’s executive director. “New and expanding smaller businesses are critical to creating a more vibrant and healthy community, so kudos to the entire city of Fort Collins team for recognizing this and creating a special loan program just for local…