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Colorado Lending Source | Jul. 30, 2015

Heading into the twenty first century, Colorado Lending Source was poised to become one of the top certified development companies in the country. With the reorganized Board of Directors, committees, and membership, the focus now turned to defining the objectives of the organization.

After seven dedicated years, Ron Reuss left Colorado Lending Source. His successor was Mike O’Donnell. Hailing from Australia, by way of Kansas, Mike brought a new element to the organization, a big picture vision of how Colorado Lending Source could provide more than just loan services to small businesses, as well as members and resource partners.

First, the organization moved into a new downtown location, the Equitable Building, which was closer to many lenders and resource partners, and created more opportunities for in person meetings. The office had extra room for additional employees, as hiring a new administrative position and loan officers was a goal for 2002. Furthermore, the goal of expanding into additional counties continued to be chased, with the potential to add 24 Northern Colorado counties to the service region, and to hopefully, one day, become Colorado’s statewide CDC.

O’Donnell valued education as well, and initiated monthly 504 Loan Program trainings in revolving locations across the Front Range. He encouraged all members, lenders, resource partners, and anyone else interested in SBA lending to attend.

However, the biggest impact of O’Donnell assuming office was the shift to becoming a purpose driven organization. Previously, loan approval statistics motivated Colorado Lending Source, but a new era had begun, revolving around the organizations new mission: to foster the economic growth of diverse small businesses within our communities.

Colorado Lending Source had been working for some time to assist small businesses in underserved markets, and in 2002, the organization helped finance a warehouse for minority-owned Pacific Ocean Marketplace. Located in a business revitalization district of Denver, the 40,000 square foot warehouse space allowed the business to manufacture special containers for their products, as well as provide storage so the market could expand into its entire leased space.

Today, Pacific Ocean Marketplace has locations in Denver, Broomfield, and Aurora, and still owns the warehouse in Denver. Colorado Lending Source has assisted the company with its additional locations.