Banking & Finance May 3, 2021 4:26:47 am

CEF reports largest lending year in organization’s history

By BizWest Staff

DENVER — The Colorado Enterprise Fund, in its review of 2020 activities, reported that the organization experienced its largest lending and funding year ever and had unprecedented demand for its small business loan programs and technical assistance service, particularly in response to the COVID-19 pandemic. CEF was founded nearly 45 years ago.

In the fiscal year that ended Sept. 30, the nonprofit lending institution provided a total of nearly $32 million in loans to 1,115 Colorado small businesses. Of those loans, $18 million was provided in the form of Paycheck Protection Program loans via the CARES Act to 779 small business borrowers and $5.1 million in other COVID-relief programs. In total, the financing made it possible for Colorado businesses to add or retain 5,579 jobs in 2020, the nonprofit said in its report.

“We have seen how important it is for small businesses to have multiple levels of support,” Ceyl Prinster, president and CEO of CEF, said in a written statement.

Of businesses receiving PPP loans through the agency, 77% were new CEF borrowers.

The PPP loans were designed to provide relief for both businesses and employees. In addition to financial support, CEF has also provided more than 265 hours of free coaching services to help businesses through the PPP application process and make strategic decisions about surviving the pandemic.

CEF also approved 183 COVID-19 relief loans, totalling $5.1 million. The loans were available on a first-come, first-served basis to small businesses located in Adams County, Arvada, Brighton, Centennial, Commerce City, Larimer County and Weld County, as well as to oral health providers in Colorado via a fund through Delta Dental of Colorado Foundation.

For the first time, CEF partnered with El Paso County and the city of Boulder to process applications for grants to small businesses and was also selected as a participating lender for the statewide Energize Colorado Gap Fund.