Want to be in-the-know on all things small business? Sign up for our email newsletter here!

Colorado Lending Source | Nov. 25, 2015

In conjunction with the Small Business Jobs Act, the Small Business Administration introduced an Intermediary Lending Program (ILP) to help meet the needs of small businesses suffering from a lack of credit due to poor economic conditions and changes in the financial market. Through a competitive application process, the SBA selected 20 ILP Intermediaries to initiate the program. Colorado Lending Source was one of the lucky few loaned $1,000,000, and in 2012 the first Colorado Main Street SBA ILP loan was funded.

The Colorado Main Street SBA ILP loan program differentiated from its micro-loan counterpart (USDA IRP) as funds could be distributed statewide. The loan sizes were bigger, as well, ranging from $50,000 to $200,000. To ensure the small businesses being helped were destitute, Colorado Lending Source required a minimum of two rejection letters from traditional financiers. By mid 2012, all but $50,000 of the original borrowed principal was committed to eleven small businesses, including Special Times Limousine.

Air Force veteran Kevin Labonte started Special Times Limousine after noticing a gap in limo and executive sedan service to Hudson, Brighton, and the Carbon Valley area. People from these regions had to use services located over 30 miles away, and as a result were paying huge cost increases. In 2012, through a SBA ILP Colorado Main Street loan, Kevin acquired a stretch limo, a SUV, and a luxury sedan to get his business running.

Today, Special Times Limousine is the premier limo service for the Northeastern Front Range. Kevin’s fleet has doubled in size, and along with standard services like rides to the airport, ski resorts, proms and weddings, he has expanded to include winery and brewery tours, haunted house tours and holiday light tours. Being a veteran-owned business, Special Times Limousine is proud to supply limos and transportation to families of the United States Armed Forces, and provides free homecoming rides for Active Duty personnel returning from overseas.