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Colorado Lending Source | Sep. 24, 2015

As 2007 commenced, Colorado Lending Source had positioned itself for strong future growth and a wildly successful year. The organization was now able to provide financing to small businesses across the state through three different loan programs. This led to the opening of a second location in Glenwood Springs and the addition of four Business Development Officers, brining the number of employees to 22. There were also more members than ever before, a total of 163.

At year-end, Colorado Lending Source was ranked a top 10 Certified Development Company nationally, and the top CDC in the state. The loan portfolio reached an all time high with over 800 loans and more than $330 million in outstanding loan balances. It was also the most voluminous year for loan approvals, with 281 total (an increase of 18% over the previous year.) Of these 281 loans, 27% were made in counties Colorado Lending Source was previous was restricted from. And for the first time, Colorado Lending Source was able to make loans outside of Colorado by way of the Community Reinvestment Fund loan programs.

A total of four out-of-state loans were made that year, one of which Springhill Suites by Marriott in Cheyenne, Wyoming. The hotel was the thirty-third for Kinseth Hospitality Companies, LLC, a multi-owner company founded in 1981. Kinseth’s other hotels were located in Iowa, Indiana, Illinois, Minnesota, Kansas, and Colorado, but as Cheyenne was growing in the early 2000’s the company believed it was the perfect location for expansion. Kinseth used a CRF loan to finance the ground up construction of the 92-unit hotel and two commercial office buildings on the purchased land.

Today, Springhill Suites is still standing in Cheyenne and welcoming business travelers and vacationing families. Kinseth Hospitality Companies is also still operational, and has grown from 33 properties to 71 properties in 11 states.