Office of Economic Development and International Trade, Colorado Housing and Finance Authority, and Energize Colorado Serve 5,000 Colorado Businesses in Two Years
DENVER, Oct. 5, 2022 /PRNewswire/ -- Energize Colorado is proud to announce that it has delivered $45 million to about 5,000 of Colorado's smallest businesses through its Gap Fund and Energize Community Program (ECP), since the founding of the organization in May 2020. This work advances resilience and promotes equity throughout Colorado's small business ecosystem and is made possible through strong partnerships with the Colorado Office of Economic Development and International Trade (OEDIT), the Colorado Housing and Finance Authority (CHFA), community lenders and partner organizations who share Energize Colorado's mission. Today, Energize Colorado delivers capital through its new revolving loan fund, which expedites the time it takes from loan application to receiving funds. ECP is Energize Colorado's first program that deployed funds through its revolving loan fund.
"We are proud of how efficiently we have been able to provide capital and technical assistance to the economic engine of Colorado, the state's small businesses, through our Energize Community Program," says Ryan Cobbins, Energize Colorado Gap Fund Program Director.
Through ECP, Energize Colorado prepares small business owners to apply for capital, connects business owners with business advisors, and connects business owners to community business support organizations. In June, the ECP loan applications opened to small businesses in East Colfax, Southwest Denver, Pueblo County and the Child Care industry statewide. Seventy-two loans totaling approximately $1.3 million were deployed to businesses in less than 90 days. This program is projected to create 249 jobs across these four communities.
Isabella Maria, who owns a childcare center in Brighton, shared, "This helps me expand my early learning program so that I can continue providing quality care and education for the children whose parents are essential workers in our community."
In total, businesses received loans averaging $18,200, and it is forecasted that another $1 million will be deployed before 2023. Sixty-five business owners who received loans elected to participate in the free Energize Community Accelerator, which provides business foundation support and broadens community connections.
The success of this pilot program is rooted in the efforts of the entire small business ecosystem of individuals and organizations who ensure that business owners know about the opportunity and are well-equipped to access the opportunity.
"The Energize Colorado team and I have partnered on door-to-door outreach and the Funding Readiness portion of ECP," shared Brian Estrada, Executive Director of the Southern SBDC. "We also co-hosted a successful resource fair in our community which informed small business community members of the opportunities available to them. This endeavor has been a win-win for the small businesses we serve."
Subscribe here to learn about the next round of the Energize Community Program.
About Energize Colorado
Energize Colorado is a nonprofit organization that aims to advance resilience and promote equity across Colorado's small business ecosystem.
Kanitha Snow,
Director of Strategic Partnerships and Marketing
kanitha.snow@
energizecolorado.com
SOURCE Energize Colorado
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