Colorado offers $50M in loans – Small businesses are likely recipients

State officials are banking on a $50 million loan program to stimulate Colorado’s sluggish economy, targeting companies with fewer than 100 employees in hopes of adding 1,800 jobs.

By News Staff And Wire Reports Rocky Mountain News

"These funds are targeted to help small business, the backbone of our economy," said Bob Lee, director of the state Office of Economic Development.

The initiative, announced Tuesday, will leverage funds from the Colorado Housing and Finance Authority, an independent agency that works to finance affordable housing and economic growth for state residents and businesses.

The initiative includes $20 million for manufacturing, $10 million for flexible lending, $10 million for rural businesses, ranches and farmers, $5 million to help nonprofit organizations acquire facilities and $5 million in private sector loans of up to $150,000 for women- and minority-owned businesses.

State officials said businesses benefit from the loans because they are long-term, and have lower down- payment requirements than traditional loans.

For information on loan applications, contact the business finance division of the Colorado Housing and Finance Authority toll-free at (800) 877-2432, ext. 329.

http://www.insidedenver.com/drmn/business/article/0,1299,DRMN_4_2112422,00.html