The Arvada Economic Development Association (AEDA) partnered with the Colorado Enterprise Fund to launch a new loan program called the Arvada Microloan Fund, designed to give Arvada-based businesses access to non-traditional capital in an amount up to $50,000.
AEDA contacted the Colorado Enterprise Fund to create a fund that bridged the gap for businesses that may qualify for bank financing in the future, but need a loan now. The Arvada Microloan Fund will help prepare entrepreneurs for future bank relationships by introducing the requirements necessary to obtain financing. The loans are designed to help entrepreneurs grow their business, stabilize and increase revenues, create additional employment opportunities and strengthen the community's economic base.
"One of the AEDA board's goals this year was to identify an additional funding source for new and existing businesses in Arvada," said Emily Robinson, AEDA board member and Arvada market president for FirstBank. "We reached out to the Colorado Enterprise Fund because their mission to strengthen business in Colorado aligns with ours. The program is ideal for businesses that need an immediate loan to establish or grow their business."
New or existing small businesses in Arvada can use the loan for inventory and equipment purchases, start-up and operating expenses, tenant finish and property improvement or to purchase a business. The loan eligibility requirements include the following:
· The business must have its primary office/headquarters and operations within Arvada city limits at the time of the application. Home-based businesses are not eligible.
· There are no restrictions on the type of business applying, so long as the activities of the business are legal, the business is in good standing with the City, and the business activities are in the bestinterest of the community.
· The business must file all completed application information and meet the underwriting criteria established by the Colorado Enterprise Fund.
"We are always looking for financial programs that will help entrepreneurs start or expand their Arvada-based business," said Ryan Stachelski, AEDA economic manager. "Our partnership with the Colorado Enterprise Fund will allow us to improve the Arvada community by providing new jobs and ensuring the long-term financial health of businesses that are established here. "
For more information and to apply for a loan, call 303-860-0242 or toll-free 888-554-5539, or visit www.coloradoenterprisefund.org.
