A loan program created to support military veterans and their families in Colorado has topped the $1 million mark in loans produced.
The Colorado Enterprise Fund launched the Valor program in November and since has helped borrowers start or grow their businesses.
“We are thrilled to have been able to help so many veterans pursue their dream of owning a small business,” said Ceyl Prinster, president and chief executive officer of the Colorado Enterprise Fund. “Access to affordable capital for vets and their families continues to be a challenge, and we are proud to offer this program to support those who have supported our country by serving in the military.”
The Valor program offers loans up to $500,000 for business purchases, commercial real estate, equipment, inventory, property improvements and working capital. The program offers a loan rate that is discounted 2 percent from standard CEF rates with loan terms of up to 10 years and interest-only periods of up to six months.
“Working with CEF has been a life preserver for H.C. Trucking,” said Ron Burnett, a retired master sergeant with the Air Force who owns the shipping and trucking company. “When we were informed about the Valor loan program, we worked with CEF to re-negotiate a lower interest rate, and the process was seamless. This has truly been a collaborative partnership, and we’re proud to be part of the CEF family.”
Before CEF launched the Valor program, the lending organization had provided 33 loans worth a total of $1.5 million to vets over the course of two decades. Since launching the Valor program, CEF has provided almost 50 loans to vets totaling $2.6 million. These loans have created 385 jobs and retained nearly 125 jobs in Colorado.
For more information about the Valor loan program, visit the Colorado Enterprise Fund website at www.coloradoenterprisefund.org or send an email to Mike Jensen, a senior loan officer, at firstname.lastname@example.org.