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Colorado Lending Source | Sep. 24, 2015

Since the formation of Colorado Lending Source the organization had experienced consistent growth in both its loan portfolio and employees. In 2004, the organization purchased a condominium on the 18th floor of the Denver Club Building and moved in shortly after. Although the space sufficed, the organization planned to continue growing and it was only a matter of time before Colorado Lending Source would need more room.

In 2006, two other condominiums on the 18th floor were put up for sale. Knowing this opportunity may never present itself again, Executive Director, Mike O’Donnell and the Board of Directors created a real estate holding company, CLS Holdings, Inc. to purchase the units. In the following years, Colorado Lending Source renovated the three units into one office with ample room for expansion.

Also in 2006, Colorado Lending Source again diversified its products with the New Markets Tax Credit (NMTC) loan program through the Community Reinvestment Fund. The purpose of this program was to refinance previous debt for small businesses located in underserved markets. In 2006 alone, 19 NMTC loans were approved and 16 NMTC loans funded. A few years after this program’s inception, Colorado Lending Source used a NMTC loan to refinance its debt on the purchase of the 18th floor condominiums.

One of the NTMC loans approved and funded in 2006 was Skylyne Machining & Supply. Established in 1975, Skylyne Machining was founded on the oilfield industry and specialized in equipment sales and repair. In the 1980’s the business expanded to include custom oilfield machine manufacturing. Located in Sterling, Colorado, Skylne purchased its 18-acre commercial property traditionally, and when they learned about the NMTC loan program, approached Colorado Lending Source for refinancing help.

Today, Skylyne Machining & Supply still resides on the Sterling property and manufactures oilfield equipment, along with CNC machining, carnival industry rides, boat docks, and milling equipment.