Adams County Microloan Fund Receives $1 Million To Spur Small Business Growth
Director, Marketing & Communications
Adams County, CO - The Adams County Board of Commissioners, Adams County Economic Development (ACED), Colorado Enterprise Fund (CEF) and the North Metro Small Business Development Center have partnered to create the Adams County Microloan Fund with starting capital of $1 million, the largest in the metro area. This program provides Adams County's small businesses access to capital for those who have difficulty obtaining financing from traditional sources but are capable of repaying debt.
"Small businesses in Adams County have been the catalyst for landing the county among national leaders in job growth and new job creation," said Commissioner Steve O'Dorisio. "We're excited to support this new program to expand the options for small businesses that might have challenges working through the traditional loan process."
The Colorado Enterprise Fund matched Adams County's non-federally funded contribution of $500,000 creating the initial program value of $1 million. Qualifying businesses can apply for loan amounts up to $50,000 maximum for five (5) years. Loan applications will be reviewed by a committee of bank and financial professionals organized by ACED and approved or denied following CEF's standard procedures and processes.
"This is one of many steps we are taking to grow Adams County's economy," said Barry Gore, President/CEO of ACED. "Access creates opportunities. More financing opportunities for our local business community will promote growth, jobs, and support entrepreneurship!"
Businesses can apply directly to the Colorado Enterprise Fund or be referred by Adams County Economic Development members, banks, or from the Small Business Development Center.