The Colorado Enterprise Fund’s VALOR loan program has surpassed the $1 million mark in loans produced since its inception seven months ago.
The VALOR program was created last year to support U.S. military veterans and Gold Star Families in Colorado. Since November, it has helped 16 veteran borrowers either start or grow their businesses in Colorado.
“Working with CEF has been a life preserver for H.C. Trucking,” says Ron Burnett, a retired U.S. Air Force master sergeant who owns the freight shipping and trucking company. “When we were informed about the VALOR loan program, we worked with CEF to renegotiate a lower interest rate and the process was seamless. This has truly been a collaborative partnership, and we’re proud to be part of the CEF family.”
The program offers loan amounts up to $500,000 for working capital, equipment, inventory, property improvements, business purchases and commercial real estate. The program offers a loan rate that is discounted 2 percent from standard CEF rates with terms of up to 10 years and interest-only periods of up to six months.
“Access to affordable capital for vets and their families continues to be a challenge, and we are proud to offer this program to support those who have supported our country by serving in the military,” CEF President and CEO Ceyl Prinster says.
Before CEF launched VALOR, the organization had provided 33 loans to vets over the course of two decades totaling $1.5 million. With the help of the VALOR program, CEF has provided nearly 50 loans to vets totaling $2.6 million. The loans have helped to create 385 jobs and allowed for the retention of nearly 125 jobs.