The North Metro Denver Small Business Development Center has partnered with the Adams County Board of Commissioners, Adams County Economic Development (ACED), and Colorado Enterprise Fund (CEF) to create the Adams County Microloan Fund with $1 million in starting capital.
The fund gives small businesses in Adams County access to capital when they have difficulty obtaining financing from traditional sources but are capable of repaying debt.
“This will be a great resource for our SBDC clients,” said Glenn Plagens, senior director of the North Metro Denver SBDC, which is housed at Front Range Community College. “It will promote growth in our small business community.”
The Colorado Enterprise Fund matched Adams County’s non-federally funded contribution of $500,000 creating the initial program value of $1 million. Qualifying businesses can apply for loan amounts up to $50,000 maximum for five years.
Loan applications will be monitored by a committee of bank and financial professionals organized by ACED and approved or denied following CEF’s standard procedures and processes.
“Small businesses in Adams County have been the catalyst for landing the county among national leaders in job growth and new job creation,” said Commissioner Steve O’Dorisio. “We’re excited to support this new program to expand the options for small businesses that might have challenges working through the traditional loan process.”
Businesses can apply directly to the Colorado Enterprise Fund or be referred by the SBDC, ACED members, or banks.
“This is one of many steps we are taking to grow Adams County’s economy,” said Barry Gore, president/CEO of ACED. “Access creates opportunities. More financing opportunities for our local business community will promote growth, jobs, and support entrepreneurship!”
About Front Range Community College
FRCC is a member of the Colorado Community College System (CCCS), the state’s largest system of higher education, with 13 colleges across Colorado serving more than 151,000 students annually. CCCS is a vital statewide pathway to individual achievement and economic vitality. Further, CCCS institutions provide an accessible, responsive learning environment that facilitates the achievement of educational, professional, and personal goals by our students and other members of our communities, and each fosters an atmosphere that embraces academic excellence, diversity, and innovation.
About Adams County Economic Development (ACED)
ACED is a 501(c) 6 public/private, nonprofit, full-service economic development agency serving Adams County, its ten municipalities, more than 8,100 businesses, and more than 445,000 residents. ACED is committed to attracting and retaining primary employers by offering support in business development, workforce development, and real estate opportunities in order to create a pro-business community.
About Adams County
Adams County, located in the northeastern quadrant of the Metro Denver Region, offers a rich diversity of communities, lifestyle, employment, and business opportunities. It surrounds the Denver International Airport on three sides, and is served by multiple highways and two railroads. Major employment sectors include aerospace and aviation, healthcare and life sciences, energy, logistics, manufacturing, and wholesale/trade. Boasting diverse housing opportunities, a highly educated workforce, and close proximity to the region’s major colleges, universities and research facilities, Adams County offers a strong pro-business climate and outstanding quality of life for employees and companies.