In 2008, the nation was brought to its knees as the Financial Crisis, and then the Great Recession, changed the financial industry forever. Colorado Lending Source had just finished its most successful year historically, and had major plans to secure the position of top Certified Development Company in the country, yet as economic instability ensued plans were forced to change.
For the first time ever, Colorado Lending Source approved less loans than were funded, in fact loan volume was 20% less from the previous year. Additionally, by the end of 2008, the number of past due loans had more than doubled. The small business projects that were coming to Colorado Lending Source were also of poorer quality, as banks were hesitant to lend out funds. This resulted in more screen outs and denials of SBA loan projects. As small businesses across the nation were forced to close their doors, Colorado Lending Source’s leadership faced a harsh reality: the organization was going to have to downsize the team if it wanted to continue to help small businesses. Sadly, by the end of the year, four employees were let go, and all future plans to grow larger were halted.
Although Colorado Lending Source felt the economy’s pain, the funding lag of loans approved the previous year helped keep the organization afloat during those tremulous times. A total of 228 SBA 504, CRF and NMTC loans funded in 2008. One of which was Brandjuice Consulting.
The brand strategy, advertising and graphic design firm opened its doors in 1999. Nearly ten years later their 2,200 square foot space on Denver’s 16th Street Mall was sold to a landlord who raised their rent. Knowing the business would grow too large for the space in the future anyways, the company seized the opportunity to purchase and renovate a 7,354 square foot building to their liking, which would house their creative team for many years to come.
Today, Brandjuice Consulting is still located in the space Colorado Lending Source helped finance. Their client list is expansive, including Adidas, Dr. Pepper, Clorox, Johnson & Johnson, Children’s Hospital, Verizon, iTriage, Visit Denver, and Denver International Airport.