Organization expanding small business loan program
A leading small business lending organization in Colorado has announced plans to expand the funding level and geographic scope of a financing program.
“The expansion of Colorado Main Street Loans is a much-needed opportunity for small businesses in Colorado to thrive and help our economy recover,” said Mike O’Donnell, executive director of Colorado Lending Source.
The Denver-based organization is among the certified development companies in Colorado that join with banks to issue loans through the U.S. Small Business Administration 504 loan program to finance land, buildings and major equipment purchases.
In the case of the Colorado Main Street Loans program, Colorado Lending Source partners with the SBA and Department of Agriculture.
As one of 20 organizations nationally with access to up to $1 million in revolving funds from the SBA, Colorado Lending Source now can offer Colorado Main Street Loans of up to $200,000 across the state.
Prior to the expansion, the program was limited to loans of $20,000 to $35,000 to businesses in Northeast Colorado.
Colorado Lending Source was involved in issuing 121 loans through the first half of 2011, 10 more than the same span last year. Eighty loans were issued through the 504 program, while another 40 loans were issued through the SBA 7(a) general business loan guarantee program. Colorado Lending Source doesn’t issue 7(a) loans itself, but assists lenders and borrowers with the application and approval processes.
For the 2010 fiscal year for the SBA, Colorado Lending Source ranked first among certified development companies in Colorado in issuing 146 loans through the 504 program worth a total of nearly $78.3 million.
“Colorado Lending Source has always been about job creation and economic stimulation, which are more important now than ever,”