The Loveland Business Development Center (LBDC) has received notification that the Colorado Enterprise Fund (CEF) is launching a new small business loan program for veterans. The loan program, created to support U.S. military veterans and Gold Star Families (surviving spouses and children of veterans) in Colorado, will officially launch on Veteran’s Day, November 11, 2017.
Veteran Access Loan Opportunity Resource (VALOR) will provide discounted loan rates and extended terms for military veterans who are unable to secure financing through traditional banks. The VALOR loan program offers loan amounts up to $500,000 for working capital, equipment, inventory, property improvements, business purchases and purchases of commercial real estate. The program offers a loan rate that is discounted 2% from standard CEF rates with loan terms of up to 10 years and interest-only periods of up to six months.
One in 10 businesses are veteran-owned businesses, and those businesses employ six million workers, generating $1.2 trillion in annual receipts, according to the Small Business Administration, or SBA.
Previously, the SBA offered two loan programs that were created specifically for veteran-owned businesses: the Patriot Express Loan (which expired in 2013) and the SBA Veterans Advantage Loan Program (which expired in October 2014). It is exciting to see that CEF is introducing this new program during National Veterans Small Business Week (Oct. 30 through Nov. 3). Although CEF has not previously offered a formal program for military veterans and their families, over the past two decades, CEF has provided 30 loans to veterans in Colorado totaling $1.2 million. These loans have created 200 jobs and allowed for the retention of nearly 100 jobs statewide.
Those interested in applying for the VALOR loan program can apply online via the CEF website and/or can contact Mike Jensen, CEF senior loan officer and U.S. Army veteran, at email@example.com. CEF is a community partner of the Loveland Business Development Center. LBDC clients can schedule an appointment with Lewis Hagler, CEF director of credit, at the LBDC office on Wednesday afternoons.
The Loveland Business Development Center offers free business counseling and low cost workshops to Loveland residents and businesses.
About Colorado Enterprise Fund
Founded in 1976, Colorado Enterprise Fund (CEF) provides loans up to $500,000 to finance small businesses and startups unable to obtain funding through traditional banks. With a mission to accelerate community prosperity by financing and supporting entrepreneurs and small businesses, CEF has provided over $64 million in loans to more than 2,000 businesses to help create or retain over 17,000 jobs in the state. A nonprofit Community Development Financial Institution (CDFI), CEF is based in Denver with a satellite office in Fort Collins. CEF’s lending and consulting services are available statewide. For more information, visit: www.coloradoenterprisefund.org