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Colorado Enterprise Fund awarded $2.4M to support small business in low-income areas

The Colorado Enterprise Fund (CEF) received a total of $2.4 million from the U.S. Department of Treasury Community Development Financial Institutions (CDFI) Fund to support its small business lending and technical assistance programs as well as its Colorado Healthy Food Financing Initiative (HFFI).

Of the total, $1.75 million will go to CEF's small business lending and technical assistance programs. The remaining $650,000 will support HFFI in Colorado. 

"We are honored to receive these two awards from the CDFI Fund this year," says Ceyl Prinster, president and CEO of Colorado Enterprise Fund. "This dual funding will increase our ability to finance businesses that create jobs, enhance economic vitality and expand community prosperity, as well as contribute to the health of Colorado's citizens through broader access to fresh, healthy foods."

Since 1996, CEF has been awarded nearly $10.9 million to increase access to capital and technical assistance for small business owners. The awards have helped small businesses leverage more than $54 million in public and private-sector capital lending to more than 1,800 businesses creating over 16,000 jobs.  

The HFFI awards will help CEF reduce food deserts throughout Colorado and increase access to fresh, healthy food options. Thus far HFFI has received $2.2 million (including the $650,000 just announced) to support its programs. 

Two other organizations in Colorado also received funding from the CDFI, which gave a total of $185.7 million to 196 organizations designated as CDFIs across the country. The other recipients in Colorado were Colorado Housing Enterprises in Westminster and Alamosa, which received $1.25 million, and La Plata Homes Fund in Durango, which received $700,000.

Contact Confluence Denver Innovation & Jobs News Editor Chris Meehan with tips and leads for future stories at chris@confluence-denver.com.

Read more articles by Chris Meehan.

Chris is a Denver-based freelance writer, editor and communications specialist. He covers sustainability, social issues and other topics.
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