‘Colorado Main Street loan’ is a small business loan program that serves the whole of Colorado through a partnership of United States Department of Agriculture and U.S. Small Business Administration.
‘Colorado Lending Source’ – a non-profit financing organization of Colorado introduced the program. The Colorado Lending source is one organization in the country that has access to $1 million in revolving funds. The ‘Colorado Lending Source’ will utilize the fund to expand ‘Colorado Main Street Loans’ up to $200,000 to Small businesses that qualify. This sum can be used for purchasing equipment, materials, working capital, furniture, supplies or fixtures. It can also be used to renovate or buy commercial real estates.
Loans between $20,000 and $35,000 used to be available before the expansion. Now, it is much greater after the expansion. It is just that the business enterprise should have net worth of less than $15 million and average net profit after tax-cuts of less than $5 million. Having met all qualifications, businesses can ask for loans up-to 90 percent of project’s cost.
Colorado Lending source has been working in tandem with small business community of Colorado for more than 20 years. The organization has helped create 16,000 jobs and invested $750 million in State’s economy. It also partnered with 50 financial institutions to create or retain 2,300 jobs and awarded more than 250 loans in 2010.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com