FOR IMMEDIATE RELEASE
May 28, 2020
Contact:
Lauren Kloock, Lead Marketing Maven
lauren@coloradolendingsource.org
303.657.0010
Colorado
Lending Source Secures $5 Million in Funding from ZOMALAB and the Gates Family
Foundation to Support Eastern Colorado Businesses
DENVER, CO—Colorado
Lending Source in partnership with ZOMALAB and the Gates Family Foundation have
established the Eastern Colorado Small Business Loan Fund with the goal to
protect jobs and invest in our communities in the short, medium, and long-term.
This fund was created to offer affordable loans to rural Colorado businesses
and non-profits in eastern Colorado affected by the COVID-19 crisis.
Colorado
Lending Source’s Executive Director, Mike O’Donnell, states:
"Small
businesses are critical components of the eastern Colorado rural economy and
there really haven't been many resources directed towards helping those
businesses survive and recover from the COVID-19 crisis. We're thrilled to be
able to partner with ZOMA Foundation and the Gates Family Foundation to help
businesses located in the rural eastern half of the state, access the flexible
and affordable capital it needs right now."
Now with a
loan pool of $5 million, eastern Colorado businesses can access funding up to
$25,000 (or more depending on the business) with a low fixed interest rate at
3% and four-year terms. Additionally, there are no payments of principal or
interest due during the first six months of the loan.
The program is open to eligible entities located in communities with
populations of under 50,000 in: rural Adams County, rural Arapahoe County, Baca
County, Bent County, Cheyenne County, Crowley County, rural El Paso County,
Elbert County, Huerfano County, Kit Carson County, Kiowa County, Las Animas,
Lincoln County, Logan County, Morgan County, Otero County, Phillips County,
Prowers County, rural Pueblo County, Sedgwick County, Washington
County, rural Weld County, and Yuma County.
For businesses
interested in applying, they must complete an application and email it to submitmainstreet@coloradolendingsource.org.
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About Colorado Lending Source:
Celebrating 30 years of lending, Colorado Lending Source cares about
small business, creating long-term alliances with our lending partners and
borrowers, being a resource to empower entrepreneurs, and making Colorado the
best state in the nation to start and grow a business. We partner with local lenders,
government agencies, and other small business resources to make access to
capital more attainable. As a mission-based lender and small business-financing
expert, we are committed to fostering the economic growth of diverse small
businesses within our communities. Since 1990, we’ve funded over 3,800 loans
helping to create nearly 29,000 jobs injecting over $4.7 billion
into the economy. For more information, visit www.coloradolendingsource.org
About ZOMA
Foundation:
ZOMA Foundation was
founded by Ben
and Lucy Ana Walton to catalyze bold and innovative solutions to issues
facing their home regions of Colorado and Chile, with the goal of building
resilient, thriving communities that will endure for generations to come. ZOMA
Foundation leverages philanthropy to support systems level alignment as well as
to pilot, incubate, and prove innovations across early childhood, workforce,
and community economic development. To learn more, visit https://zomalab.com/zoma-foundation/
About the
Gates Family Foundation:
Gates Family Foundation is committed to
advancing long-term quality of life for all Coloradans, through support for
educational equity, vibrant and sustainable communities, and stewardship of our
state’s extraordinary natural resources. Gates is one of Colorado’s oldest
private foundations, having committed more than $400 million to philanthropic
activities since 1946. For more information, visit https://gatesfamilyfoundation.org/
