Each year, the State of Colorado receives an allocation of federal funds to use for community and economic development efforts within the state. The economic development funds are used to aid the state's Business Loan Funds.
Currently, Colorado has 14 Business Loan Fund locations which have service areas covering the majority of the state's rural areas. These 14 programs are responsible for promoting and fostering economic development efforts a the local level by providing financial assistance in the form of loans and loan guarantees to businesses in their respective regions. The loan program is locally driven, with each loan fund having its own local loan review committee and Board of Directors. Colorado uses Community Development Block Grant (CDBG) Funds to provide funding and aid to the state's Business Loan Funds. Business owners can apply for assistance directly through the Business Loan Fund in their region through the Colorado Office of Economic Development & International Trade.
Community Development Block Grant Business Loan
The Community Development Block Grant (CDBG) Business Loan helps businesses in rural areas by giving loans and loan guarantees. A business typically needs to create or retain one job for each $20,000 in loan funds. If your business has five or fewer employees, you may be exempt from that requirement through a micro enterprise loan.
Direct inquiries regarding initial program interest to your Regional Manager. Use the other program contacts once the initial process with your Regional Manager is complete.