PLEASE NOTE: We are no longer accepting applications under the Colorado Main Street loan program for the remainder of 2020. Please check back with us in 2021.
The Colorado Main Street loan program is a character-based financing option available to small businesses who are unable to secure a conventional loan to start or grow their business. Loans range from $5,000 to $50,000 and can be used for a variety of business purposes specifically for underserved communities.
Funding for this loan program comes from a variety of sources including Colorado Lending Source, banks, foundations, private entities, investors, and government agencies. (Specifically, the U.S. Small Business Administration, U.S. Department of Agriculture, Office of Economic Development & International Trade, InBank, Guaranty Bank and Trust Company, Citywide Banks, Kenneth King Foundation, the City of Fort Collins, FirsTier Bank, The Women's Foundation, Gates Family Foundation and ZOMA Labs.)
Qualified borrowers can use Colorado Main Street loan funds for:
- Start-up expenses
- Working capital
- Purchasing equipment, furniture, fixtures, inventory, vehicles (necessary to the operation of the business), leasehold improvements
- Buying a business or franchise
- Business debt refinancing
Can't get a bank loan? Find out if you are eligible to receive a Colorado Main Street loan by reviewing the criteria below.
- The business must be located within Colorado
- At least 51% of the business must be owned by a U.S. citizen or legal, permanent resident
We are not currently accepting applications under the Colorado Main Street loan program. If you are a business that is interested in getting updates, please fill out this form or check back with us in 2021.
RATES & FEES
The Colorado Main Street loan program utilizes several funding sources, as a result, the interest rate varies from 3.00% to 8.75%. The maximum term of a Colorado Main Street loan is 8 years.
Current Wall Street Journal Prime interest rate: 3.25%
There are no upfront fees associated with a Colorado Main Street loan. A 2.00% closing fee plus any direct, out-of-pocket filing / recording costs, will be collected from loan proceeds at the time the loan funds.
The Kenneth King Foundation's investment in the Colorado Main Street loan program helps us achieve our mission of transforming individuals' lives with access to capital, tools, and know-how for growing their small business.