The Colorado Enterprise Fund (CEF) provides loans and support to underserved entrepreneurs who struggle to secure funding from traditional banks. CEF, a community development financial institution (CDFI), helps businesses avoid predatory loans and offers guidance to ensure their success.
DENVER – In a climate where many small businesses struggle to secure funding, Nonprofit Colorado Enterprise Fund is supporting underserved entrepreneurs.“The Colorado Enterprise Fund was established in 1976, and since that time, we've been helping underserved businesses with access to capital, as well as consulting,” said Alan Ramirez, director of lending at CEF. “For us, an underserved business is really anyone that’s gone to a bank and cannot qualify.
“I owned a previously successful group myself, and still couldn't get a bank loan to launch the business because they just said, ‘Oh, it's too high risk.’”Keen ended up getting a short-term loan. He got the money quickly, but it became difficult to pay off. The payments were too high, so he teamed up with CEF to find a solution. They restructured his loan so that he could pay it off in a reasonable amount of time, rather than the 10 months he was allotted for the previous loan.
SMALL BUSINESSES FUNDING LOANS PREDATORY LENDING CDFIS
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