Colorado Credit Reserve

About this funding opportunity

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0 Colorado Credit Reserve Program Summary

The Colorado Credit Reserve program helps businesses that typically struggle to get access to a bank loan. The program helps lenders make loans by establishing a loan loss reserve account with the lender as additional security.

To get a loan through this program, the borrower pays a fee of 1% of loan principal, which we match. Borrower and program fees fund the loan loss reserve.

Each participating lender: makes the underwriting decisions sets the terms services the loan

We financially support the Colorado Credit Reserve Loan. The Colorado Housing and Finance Authority(opens in new window) manages the program.

In its first 10 years, this program gave more than $24 million in small business loans. In 2010, Colorado changed the program to increase reserve funds for loans made to: women- and minority-owned businesses businesses in enterprise zones rural businesses Overview

Type: Credit enhancement

For: Businesses and lenders

Amount: Up to $500,000 per loan

Application deadline: Rolling

OEDIT division: Business Funding and Incentives Eligible businesses

A Colorado Credit Reserve Loan borrower needs to: be engaged in a trade or business primarily in Colorado contain the primary economic benefit of the loan in Colorado

Women- or minority-owned businesses, rural businesses, and businesses in enterprise zones may receive priority for this program.

Business are not eligible for the Colorado Credit Reserve Loan if they fall in these categories: pyramid sales distribution plans political or lobbying activities private or commercial golf courses, country clubs, massage parlors, hot tub facilities, and suntan facilities racetracks or other facilities used for gambling sale of alcoholic beverages for consumption off premises governmental entities engaged in illegal activities under federal, state, or local laws principal of business is incarcerated, on probation, on parole, or has been indicted for a…

Topic areas: Public Policy and Governance, General and Cross-cutting R&D.

Funding amount

This other provides Varies in funding.

Deadline

Applications are accepted on a rolling basis; there is no single fixed deadline.

Who can apply

This opportunity is open to the following applicant types:

• Not specified by the program.

Eligibility

The program did not publish a separate eligibility statement. See the official opportunity page for the full eligibility criteria.

Agency

Colorado Credit Reserve is administered by Colorado Office of Economic Development and International Trade (OEDIT), listed via Colorado Office of Economic Development and International Trade.