Colorado Lending Source | Oct. 20, 2015

As the Great Recession deepened into 2009, Colorado Lending Source’s loan volume continued to decrease. With the uncertainty of the economy’s recovery, Executive Director, Mike O’Donnell decided to shift the organization’s focus to education, community involvement, and once again, a new way to diversify products.

Colorado Lending Source introduced webinars and private trainings into its offerings in 2009. A total of 18 trainings took place, which reached over 360 individual lenders, small business owners, and resource partners. The organization also sponsored 23 events across the state to help bring awareness to the Small Business Administration loan programs.

Yet, the greatest impact in 2009 was the establishment of Colorado Lending Source’s SBA 7(a) loan packaging and closing services. The SBA 7(a) loan program had been a longtime favorite for community-based lenders as it had less restrictive financing uses. As the economy fluctuated and small business lending slowed down, Colorado Lending Source entered the role as a Lender Service Provider for this loan program. For a fee, the organization would underwrite, package, and submit loan projects to the SBA on behalf of the lending partner.

By the end of the year, Colorado Lending Source had worked with eight lending partners to approve 14 SBA 7(a) loans, including A & M Aerospace, a manufacturer of supplies and parts of various, specific aircraft. The business started in 1985 by Joyce Hastings, and in 1994 her son Michael took over the business. In 2009 amidst the Great Recession, the business used a SBA 7(a) loan to refinance its line of credit with Colorado Business Bank into a long-term working capital loan.

A & M Aerospace is still manufacturing aerospace parts in Denver, but their specialized products have expanded to serve worldwide clientele. A & M Aerospace currently holds an ISO 9001:2000 and AS9100-A certified by NQA and is a Lockheed approved supplier.