Colorado Enterprise Fund Offers Loans to Town of Parker Small Businesses through Parker Business Loan Fund
Monday, February 24, 2020
FOR IMMEDIATE RELEASE
DENVER, February 25, 2020 – Colorado Enterprise Fund (CEF), in partnership with the Town of Parker, has created the Parker Business Loan Fund to provide access to capital and business coaching for start-up and existing small businesses in the Town of Parker that are unable to secure traditional bank financing.
To create the Parker Business Loan Fund, the Town of Parker invested an initial $50,000, which was matched by CEF, with the goal of lending $300,000 in the coming years.
The primary goal of the Parker Business Loan Fund is to help businesses that don’t qualify for bank financing. “But it goes much further than that…the loan fund will help facilitate business creation and retention in Parker. It will also enable us to collaborate with Parker resource partners to promote entrepreneurship and business innovation, and to encourage small business ownership, ultimately supporting community prosperity and economic opportunity,” said Ceyl Prinster, President and CEO of CEF.
The Parker Business Loan Fund is already at work helping local businesses such as Petit Parker, a Parker Mainstreet shop that sells designer clothing and toys for babies and children up to age 10. Owner Jill Callan, formerly a children’s clothing designer, needed help relocating her business. The store she started two years ago was not in an ideal location and Callan knew it was time to move in order to run a more profitable shop. To do so, she needed cash flow for inventory and moving costs. Her loan from the Parker Business Loan Fund helped with these necessary expenditures. Callan explains, “I wouldn’t have been able to navigate the move without CEF’s guidance, enthusiasm and confidence in my business plan.”
To date, CEF has made loans to 10 businesses in the Town of Parker that have created or retained 32 jobs. In addition, CEF has provided 164 hours of business coaching to loan recipients, providing them with the tools and guidance they need to thrive and grow.
“We know that access to capital is a primary hurdle for start-up businesses and are very excited about adding this tool in Parker to spur the growth of tomorrow’s businesses,” said Matt Carlson, Economic Development Manager at the Town.
Small businesses and start-ups in Parker can apply for a loan for start-up expenses, equipment, inventory purchases, operations, relocations or property improvements. Loans can also be used to purchase a business or franchise. To be eligible for loans, businesses must have gross revenues of less than $2 million per year and have their primary office or operations located in Parker.
Interested applicants can fill out a loan inquiry form at https://www.coloradoenterprisefund.org/loan-application/. For more information about the Parker Business Loan Fund, contact: Colorado Enterprise Fund at 303-860-0242 or Parker Economic Development at 303-805-3163, www.parkered.org.
The Parker Business Loan Fund is the eighth such community business loan pool that CEF has established with cities, towns and counties throughout Colorado where small businesses are integral to the local economy and character of their communities. CEF has similar funding partnerships with the cities of Arvada, Boulder, Longmont and Loveland, as well as Adams and Weld Counties, and Rocky Mountain Innosphere.
About Colorado Enterprise Fund
Founded in1976, Colorado Enterprise Fund (CEF) provides loans up to $1 million to finance small businesses and start-ups unable to obtain funding through traditional banks. CEF has disbursed $93.7 million in startup and growth capital to more than 2,600 businesses and created or retained more than 2,904 jobs in the state. A non profit Community Development Financial Institution (CDFI), CEF is based in Denver with lending and advisory services available statewide. For more information, www.coloradoenterprisefund.org.
About the Town of Parker
Located 20 miles south of Denver and home to more than 56,000 residents, the Town of Parker offers the perfect balance of a full-service community with a hometown feel. A community that is highly rated for safety, Parker provides an unmatched quality of life, spectacular parks and recreation amenities, a great business mix, world-class cultural facilities and a wide variety of community events. To find out more about our community, visit www.ParkerOnline.org.