Colorado Enterprise Fund Launches New Small Business Loan
Colorado Enterprise Fund (CEF) is proud to announce a new loan program created to support U.S. military veterans and Gold Star Families (surviving spouses and children of veterans) in Colorado. Officially launching on Veteran’s Day, Nov. 11, 2017, VALOR will provide discounted loan rates and extended terms for military veterans who are unable to secure financing through traditional banks.
The VALOR loan program offers loan amounts up to $500,000 for working capital, equipment, inventory, property improvements, business purchases and commercial real estate. The program offers a loan rate that is discounted 2% from standard CEF rates with loan terms of up to ten years and interest-only periods of up to six months.
“We recognize that military veterans have the skills and discipline to be successful small business owners and can serve their customers, employees and communities as well as they served our country,” said Ceyl Prinster, CEF’s President and CEO. “Access to affordable capital for vets and their families continues to be a challenge, and we are proud to offer a new program that supports our veterans who are planning to start or grow a business in Colorado.”
While CEF has not previously offered a formal program for military veterans and their families, over the past two decades the lending organization has provided 30 loans to vets in Colorado totaling $1.2 million. These loans have created 200 jobs and allowed for the retention of nearly 100 jobs in the state. An example of a CEF veteran borrower is Knotty Tie Company, located in Denver, which is co-owned by a Navy veteran and employs skilled resettled refugees to produce handmade, custom-designed ties and accessories predominantly for the wedding market.
Those interested in applying for the VALOR loan program can apply online via the CEF website or can contact CEF Senior Loan Officer and Army veteran, Mike Jensen, at 720.473.4068 or [email protected]