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Colorado Lending Source | Jul. 30, 2015

In 2001, the Small Business Administration updated the Standard Operating Procedures (SOP) and Bylaws, forcing Colorado Lending Source to reorganize its membership and Board of Directors.

After 10 years in operation, Colorado Lending Source’s membership had grown to 67 individuals, with 37 Board members (compared to the original 13). In order to comply with the new SOP and Bylaws, the Board of Directors needed to be reduced. Although asking members to resign from their position was difficult, streamlining the organizations governance ensured the continued success of Colorado Lending Source.

The new efficient Board included six founding seats and eight open seats. Anyone not on the Board would still be a member. Committees were restructured as well. An Executive Committee comprised of Board Officers was created, and the Loan Review Committee was altered to include a minimum of five members, one of which must be a Board member. Additional ad hoc committees would be formed as necessary, and would dissolve once their task was complete.

The SBA also required that all certified development companies have no less than 25 members, representing four unique groups: government organizations, community organizations, business institutions, and financial institutions. As long as applicants fell into one of these categories, they could join the organization at any time.

A final component of the SBA’s SOP and Bylaw changes was the increase in the borrowing limit from $1 million to $1.3 million. This change ushered in a new group of projects into Colorado Lending Source’s portfolio.

The United States Truck Driving School was one of the first loans funded under the new size limits. The school was established in 1959 as an automotive driving school, and when Richard and Arlene Lammers purchased the school from Arlene’s father in 1978, their focus switched solely to truck driving, and they moved into a new Wheat Ridge location. In 2001, the aging landowner wished to sell the land and building US Truck Driving was operating from, and not wanting to move their entire operation, the Lammers purchased (with the help of Colorado Lending Source) the property for a total project cost of $1.2 million.