In January of 1991, the U.S. Small Business Administration formally approved the Front Range Regional Economic Development Corporation as Colorado’s newest Certified Development Company.
The time, devotion, and collaboration of the early small business pioneers paid off, however before SBA 504 loans could start being processed and submitted, the newly formed organization needed to attend to a few matters of business.
The first Board of Directors was comprised of the original 13 bankers, economic developers and government workers that had made the dream a reality, and elected Bill Unrein as the first Board President, for his immeasurable efforts through the application process. Next, they were tasked with finding an Executive Director to guide the organization. Rudy Bianchi was the prefect candidate, as this had been his brainchild from the beginning. For the first Loan Review Committee the Board selected members that showed their support early on, and the same went for the first CPA and attorney. What started as a collective mission continued to be, as a Lakeside National Bank offered a service free account, and the City of Aurora’s Enterprise Zone Small Business Assistance Center supplied an office space gratis.
The final piece was to name the organization. After the Board created a short list of names, Rudy reviewed the submissions and compiled them into the perfect moniker: Colorado Lending Source. That year, 1991, Colorado Lending Source approved 5 loans, and officially started out on the 25-year journey.