Colorado Governor Announces Small Business Lending Programs
Written by Ken Gaebler
Colorado's state government has announced a $40 million dollar boost to small business lending.
Colorado Governor Bill Ritter, Treasurer Cary Kennedy and the Colorado Housing and Finance Authority have announced big news for entrepreneurs in the state - a $40 million boost to small businesses through new lending programs.
Under the new investments, the CHFA will make $30 million available to help manufacturers seeking loans between $2 million and $10 million for renovations, equipment and real estate. This funding will come from Private Activity Bonds.
The CHFA will also expand the manufacturing loan initiative with a Mini Bond Program, making available smaller loans of $500,000 to $2 million to manufacturers with 50 or fewer workers.
Finally, the treasurer's office will make an investment of $10 million in the CHFA Guarantee Purchase Program, supporting lending to agricultural and small businesses.
"The best thing we can be doing in this tough economy is to give local businesses the tools they need to survive and ultimately thrive," said Governor Ritter. He said the additional investments will help Colorado companies through the recession.
The new measures follow several years of other economic development initiatives, including the Colorado Credit Reserve Program. According to the CHFA's website, this program "creates greater access to capital for small businesses in Colorado by using small amounts of public resources to encourage private bank financing."
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