Press Release: Visits Businesses Recieving CO Credit Reserve
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OFFICE OF GOV. BILL RITTER, JR.
WWW.COLORADO.GOV/GOVERNOR
FOR IMMEDIATE RELEASE
WEDNESDAY, OCT. 14, 2009
CONTACTS
Jerilynn Martinez, 303.297.7427, jmartinez@chfainfo.com
Evan Dreyer, 720.350.8370, evan.dreyer@state.co.us
GOV. RITTER VISITS WITH SMALL BUSINESSES RECEIVING COLORADO CREDIT RESERVE FUNDING
Colorado Springs -- Gov. Bill Ritter today met with small business owners that received Colorado Credit Reserve Program (CCR) loans. Senate Bill 67 (Heath, Gagliardi & Marostica) revived the CCR Program to help banks make loans to small businesses and will leverage $2.5 million in public funds into $50 million in loans for an estimated 250 businesses in the state.
"The Colorado Credit Reserve Program will bring much needed funding to and will re-energize our small businesses, allowing them to create jobs and sustainable, vibrant communities," said Gov. Ritter. "It is another example of how we are leading Colorado forward to recover quicker and stronger from this recession."
Five Colorado Springs small businesses were among the first 23 selected by the CCR Program: Dirt Doctor Enterprises, Mail Solutions, Maintenance Done Right, PEACE Productions, and Terry's Art/ Boulder Street Gallery. All of these loans will originate from the Colorado Enterprise Fund.
"I'm so proud of these Colorado Springs businesses," said Sen. John Morse. "These loans prove that their hard work is creating jobs, and contributing to our economy and our community. They have shown that Colorado Springs is the best place to live and build a business."
"These micro-loans provide a needed jump-start for the economy of Colorado Springs. They will help our local businesses expand, meet payroll, and create jobs in a time when small businesses desperately need access to capital. Colorado Springs is grateful for the helping hand that's not a hand-out," said Rep. Dennis Apuan.
The first 23 loans were made last month, totaling $404,917. The program leverages more than $400,000 in small business lending and supports 161 new and existing jobs across the state.
Colorado Housing Finance Authority (CHFA) is still accepting enrollments from banks interested in participating in the program. To assist in marketing the program to lenders, CHFA has partnered with the Colorado Bankers Association, Independent Bankers of Colorado, and National Federation of Independent Businesses, whose support was instrumental in the program's renewal.
For information about how to participate contact CHFA's Denver office at 1.800.877.2432 or its Western Slope office at 800.877.8450.
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