Although Colorado Lending Source was founded in 1990, and approved SBA 504 loans in 1991, the first loan funding didn’t take place until 1992. A total of seven loans funded that year, one of which was Nor-Mar, Inc.
Nor-Mar, Inc. is the company name for a group of Burger King franchises across Northern Colorado. In 1991, a Colorado Lending Source member working for JPMorgan Chase Bank came to Executive Director, Rudy Bianchi, with a difficult loan project. It was to purchase land in Louisville and build ground-up construction of a new drive-through Burger King, a total project cost of $710,000.00 (which would be over one million dollars today).
For nearly a year, Rudy worked on the Nor-Mar loan. Reviewing the franchise agreement, drafting the loan application, presenting it to Loan Review Committee, and encouraging the SBA to approve the project, which they did in early 1992. With the funds secured, the construction for Nor-Mar’s building went underway and in September of 1992, the Burger King in Louisville opened.
Nor-Mar, Inc. was not only one of Colorado Lending Source’s first loans to fund, it was also our first repeat borrower. As Rudy had the franchise business details nailed down, Nor-Mar applied for two additional SBA 504 loans in 1992 to purchase land and complete ground-up construction for Burger King’s in Fort Collins and Fort Lupton. These projects were funded in 1993. As of today the family owned Nor-Mar, Inc. has built and acquired 35 different locations across Colorado and Wyoming. The three projects Colorado Lending Source helped them with are still standing and operating today.