2008: The Financial Crisis
10/20/2015
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...
2009: The First 7(a) Loan
10/20/2015
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...
2010: The Small Business Jobs Act
10/20/2015
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...
2007: Expanding Out-of-State
09/24/2015
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...
2006: CLS Holdings, Inc.
09/24/2015
Since the formation of Colorado Lending Source the organization had experienced consistent growth in both its loan portfolio and employees. In 2004, the organization purchased a condominium on the 18th floor of the Denver Club Building and moved in shortly after. Although the space sufficed, the...
2003: The CRF Loan Program
08/20/2015
At the beginning of 2003, Colorado Lending Source had 274 loans and over $97 million in its portfolio. The organization had made a name for itself from the Small Business Administration 504 loan program, yet new Executive Director, Mike O’Donnell, knew if Colorado Lending Source was to become the...
2004: Servicing the State
08/20/2015
Since inception, Colorado Lending Source’s goal has been to help small businesses across Colorado’s four corners become prosperous. In late 2003 the Small Business Administration changed its regulations, allowing statewide competition between all development companies. And, in 2004, after fourteen...
2005: The First Western Slope Loan
08/20/2015
By 2005 Colorado Lending Source had officially become Colorado’s top certified development company, thanks to the organization’s newly expanded territory. For many years, Western Slope small businesses and lenders requested Colorado Lending Source’s assistance, and for the first time, the...
2002: The Mission
07/30/2015
Heading into the twenty first century, Colorado Lending Source was poised to become one of the top certified development companies in the country. With the reorganized Board of Directors, committees, and membership, the focus now turned to defining the objectives of the organization. After seven...
2001: The Reorganization of an Organization
07/30/2015
In 2001, the Small Business Administration updated the Standard Operating Procedures (SOP) and Bylaws, forcing Colorado Lending Source to reorganize its membership and Board of Directors. After 10 years in operation, Colorado Lending Source’s membership had grown to 67 individuals, with 37 Board...