Colorado Enterprise Fund Supports Local Entrepreneurs

The Colorado Enterprise Fund (CEF), a nonprofit community development financial institution, is helping small businesses thrive through its revolving loan programs. These programs provide access to capital for entrepreneurs who may face challenges securing funding from traditional lenders.

Startup Faces Funding Hurdles, Finds Solution

Five years ago, BreAnna Borah launched Picturesque Impressions, a company specializing in children’s books and original art. Initially operating from her kitchen, Borah quickly realized the need for a dedicated art studio. However, she encountered difficulties obtaining a loan as a startup.

“I did go to a few different banks, and I was turned down just because my business is a startup business,” Borah said.

How Revolving Loan Funds Work

Borah turned to the Colorado Enterprise Fund and successfully secured a loan to build an art studio in her backyard in Adams County. This loan was made possible through a revolving loan fund program.

Recycling Capital for Community Impact

“We get paid from the interest income, and then we recycle the capital back in the community,” explained Nim Patel, Chief Operating Officer for the Colorado Enterprise Fund. This means that as small business owners repay their loans, the funds are reinvested to support other businesses within the community.

Expanding Reach: New Partnership in Littleton

The program currently operates across 13 Colorado communities, with a recent expansion into Littleton. The City of Littleton initiated a revolving loan fund with a $75,000 investment, which was matched by the Colorado Enterprise Fund, creating a $150,000 loan pool.

City of Littleton Invests in Local Character

“This was one of our key expansions of our budget this year,” stated Rachel King, Director of Economic Development for the City of Littleton. “To make sure that those dollars were going directly to businesses and then they can be utilized again years down the road.”

King emphasized the vital role small businesses play in the city’s identity. “There’s nothing that can truly replace the character and charm of a small business,” she said. “It’s vital that we continue to support those local and small businesses here… The challenge exists more for a small business than a larger one. Anything we can do to remove those barriers is important.”

A Cycle of Support

For Borah, the loan enabled her to create a dedicated workspace to continue sharing stories, such as those featuring her raccoon character, Ratticus Finch. She is eager to contribute to the program’s cycle of support.

“If I can help pass the torch to them, it makes me extremely happy and inspired,” Borah said.

The Littleton fund is currently accepting applications online. This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.