Feds release another $5.5 million for Colorado small business loans

DENVER – Colorado small business lending programs today received $5.5 million by the U.S. Treasury Department’s State Small Business Credit Initiative.

The money is the third and final disbursement of a $17.2 million award announced in October 2011, according to a release from the Colorado Housing and Finance Authority.

“With 98 businesses served and more than $72 million in private sector lending leveraged, the State Small Business Credit Initiative is doing exactly what was intended of the program – helping businesses access capital,´ said Cris White, Colorado Housing and Finance Authority’s executive director and CEO in a statement. “We are excited to receive the third disbursement of funding available to Colorado, so that we can continue deploying these resources to the business owners across the state.”

The $5.5 million is estimated to help businesses raise up to $55 million in capital, according to the release.

The funding is distributed through the Colorado Capital Access and Cash Collateral Support programs, administered by the CHFA.

The programs are meant to help businesses with 750 or fewer employees obtain loans from their local banks for working capital, inventory, real estate or equipment purchases or lines of credit.

The State of Small Business Credit Initiative was established in 2010 as part of the Small Business Jobs Act. The Treasury has awarded nearly $1.5 billion nationwide to fund programs that support small business.

on Facebook on LinkedIn