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Colorado Lending Source | Oct. 20, 2015

In September of 2010, President Obama signed into law the Small Business Jobs Act. As the most significant piece of small business legislation in over a decade, the new law provided critical resources to help small business drive economic recovery and create jobs.

As a result, Colorado Lending Source’s two loan programs, SBA 504 and 7(a) were affected in a positive manner. There was now over $12 billion SBA provisions for small businesses and many of the lending restrictions had been altered. Loan program fees were reduced, and in some cases completely eliminated. Maximum loan sizes were increased from $2 million to $5 million, and under the SBA 504 loan program, commercial real estate projects now had a refinancing option if small businesses wished to expand. Tax credits for small businesses were also created, and finally, the SBA introduced a new Small Business Intermediary Lending Pilot program, which would rollout in mid 2011.

Colorado Lending Source had already noticed the re-emergence of small business confidence in 2010 as their loan approval volume had bounced back. With the new Small Business Jobs Act regulations the organization could see the light at the end of the economic tunnel.

The largest loan project funded in 2010 was Rainbow Research Optics, Incorporated. Founded in 1995, Rainbow Research Optics serves the High Precision Optical Market, mainly providing products to system manufacturers, national laboratories, and universities. By 2009 the original six employees had grown to 36, and sales had increased by 388%. As Rainbow Research Optics anticipated even more growth, the business consulted Colorado Lending Source for a Small Business Administration 504 loan to construct a 28,947 square foot office space.

Today, the Rainbow Research Optics continues to provide the highest quality optics to defense, medical, laser and commercial markets around the world. They are still located in the building Colorado Lending Source financed, and have hired more than 32 additional employees.