Larimer Small Business Loan Fund Achieves $ 5 Million Target, Closes 97 Loans To Date – Loveland Reporter-Herald

The Larimer County Small Business Recovery Loan Fund has reached its goal of $ 5 million and is on track to provide loans to small businesses in the county affected by COVID-19.

The fund was launched in April with a contribution of $ 2 million from the Bohemian Foundation. The Fort Collins Area Chamber of Commerce and the City of Fort Collins partnered with the Bohemian Foundation to launch the fund.

Other governments, nonprofits and businesses have also contributed, including the Community Foundation of Northern Colorado, the 1st National Bank of Omaha, the Town of Berthoud and the Town of Loveland. At the end of June, FirstBank added $ 500,000 to the fund.

“Our commitment to serving communities runs deep and we recognize the value that small businesses bring,” said Nicole Staudinger, President of the Northern Colorado Market for FirstBank.

The Northern Colorado Recovery Loan Fund provides loans of $ 2,500 to $ 50,000 at a 3.5% interest rate to businesses with less than 20 employees. Loan applicants must have been viable by March 15.

Last week, the Colorado Enterprise Fund, which administers the Larimer fund, received 315 applications and closed 97 loans worth $ 2.8 million. 34 other loans are outstanding, valued at $ 1.02 million.

Carrie Hanson, director of development for CEF, said in a report to fund sponsors that 54 startups – businesses that have been in business for less than 2 years – and 40 women-owned businesses are among those receiving loans until now.

Sixty-five of the loans went to businesses in Fort Collins, 16 to businesses in Loveland, and eight to businesses in Estes Park. The remainder of the approved loans went to companies in Berthoud, Wellington, Windsor and Red Feather Lakes.

The loans were split across industries, with 23 professional service companies among the recipients, followed by 21 food and beverage companies, 19 retailers, 12 arts and entertainment companies, and 10 health service companies.

It is estimated that 744 jobs have been retained or created, according to Hanson’s report.

© 2020 BizWest Media LLC

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