Colorado Enterprise Fund, Wells Fargo launch funds for Black, small businesses

DENVER — The Colorado Enterprise Fund has launched  two new loan programs using a $1.275 million grant from the Wells Fargo Open for Business Fund.

The Black Business Loan Fund and the Individual Taxpayer Identification Number Loan fund are targeted loan programs intended to encourage diverse small-business growth throughout the state.

The Wells Fargo grant will enable the nonprofit Colorado Enterprise Fund to “strengthen partnerships, extend low-rate loans, and amplify coaching services so that more minority-owned businesses can recover and rebuild from the lasting effects COVID-19 has had on small business,” according to a press release.

“Small businesses are the heartbeat of our communities and are the key to millions of local jobs,” CEF president and CEO Ceyl Prinster said in a prepared statement. “Both CEF and Wells Fargo have remained committed to helping small businesses that have been disproportionally impacted by the COVID-19 pandemic. Together we’re able to build an ecosystem of support for minority-owned small businesses so they can recover and continue to provide vital jobs, goods, and services in our Colorado communities.”

The Black Business Loan Fund offers loan amounts up to $50,000 for working capital, equipment, inventory, property improvements, business purchases and commercial real estate. The program offers a discounted loan rate of 2.99%, with loan terms of up to five years and interest-only periods of up to six months.

The Colorado Black Chamber is partnering with CEF on the loan product.

CEF’s ITIN Loan enables small-business owners with no Social Security  number to obtain a loan using their Individual Taxpayer Identification Number. Loan amounts up to $25,000 can be used for working capital, equipment, inventory, property improvements, business purchases and commercial real estate. The program offers a discounted loan rate of 2.99%, with loan terms of up to five years and interest-only periods of up to six months.

For more information on the programs, visit https://coloradoenterprisefund.org/MBE-Services.

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