Colorado provides support to new entrepreneurs

AVAILABLE FUNDS| New minority entrepreneurs will have access to loans (Photo/EFE)

APPLY TO FOR A SMALL BUSINESSES’ LOAN

Antonio Martínez / El Comercio de Colorado

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Are you a Colorado native that has dreamt of starting their own business? Maybe you want to restart an entrepreneurship project or you’re looking to grow your current business. Now you make that dream come true through a loan program created specifically for small business owners.

The funds available for this program total just over $31 million. The loans, or allotted amounts, are going to range from minimum of $10,000 to a maximum of $150,000. “The growth of employment in small businesses in Colorado has outpaced the national growth rate”, said James Coleman, the senator who sponsored the bill for the program.

Do I qualify?

You’re probably asking yourself if you qualify for these loans. Applicants must have enterprises based in Colorado. Your enterprise must have its primary business activities in Colorado. Also the majority of your workers must be working in Colorado.

The gross annual revenue of the person who applies to these loans can’t surpass $2 million in a fiscal year. Similarly, the projection of gross annual income in the following fiscal year cannot surpass $2 million. Applicants should be people who have been unable to obtain traditional loans.

Additionally, applicants need to comply with the credit requirements of the entity that will serve as the lender. These requirements aren’t all the same and depend on the policies of each financial entity. The approval process should not take more than 60 days. The lenders are committed maintain this program until 2032.

Understandings with commitment

There are eight programs participating in this loan program. They are, B:Side Fund; Colorado Enterprise Fund; Community Enterprise Development Services; Exponential Impact; First Southwest Community Fund; Lendistry; Region 9 Economic Development District; and Rocky Mountain MicroFinance Institute. The applications can be filled out through each individual lender.

Governor Jared Polis that these loaner entities were chosen according to their ability and disposition to assist and work with aspiring entrepreneurs. Many of these entrepreneurs live in rural areas, don’t speak english very well, and many have never gotten a financial loan.

Honestly this loan program represents an excellent opportunity for people that dream of being entrepreneurs. Receiving relatively small loans with favorable terms and interest rates, this program strives to support people who otherwise wouldn’t have the opportunity to achieve their dreams of owning their own business.