Business Loans - Two New Programs Launched To Provide Financing To Colorado Companies

Business Loans - Two New Programs Launched To Provide Financing To Colorado Companies

The Colorado Housing and Finance Authority, the U.S. Department of Energy, and Colorado Governor Bill Ritter recently announced two new programs intended to provide financing for efficient energy upgrades in commercial structures and green energy businesses in the state of Colorado.

The first program announced is labelled the Green Colorado Credit Reserve (Green CCR) and is an enhancement of the former Colorado Credit Reserve (CCR). Green CCR will enable businesses to borrow a maximum of $100,000 for the purpose of energy efficient upgrades in existing offices or buildings. Incentives for lending institutions include a 15 percent loan loss reserve contribution for each loan underwritten within the program in order to stimulate private sector financing.

Up to now, the first CCR initiative has aided 171 Colorado businesses and enabled almost $6 million in private company loans. Considering the above figures, it is expected that Green CCR will help over 160 businesses and stimulate over $7 million in new loans.

“These new loan programs answer a significant need expressed by Colorado businesses of all sizes – access to capital,” Gov. Ritter said. “We are helping Colorado companies sustain operations during the economic downturn, improve energy efficiency and thrive in the New Energy Economy. Most importantly, these loans will help businesses create jobs.”

The second program is labelled the Governor’s Energy Office (GEO) Revolving Loan Program, the purpose of which is to provide financing for efficient energy and green energy initiatives throughout Colorado.

Bach Composite Colorado Inc. was the first business to successfully secure a loan from GEO Revolving Loan Program. The company plans to utilize its $3.258 million loan to shore up its production facility and to hire new personnel. The loan will make possible the keeping and recruiting of 150 new employees.

“This loan is critical to helping us maintain our cash flow, keep our employees on the payroll and to expand,” said Sabrina McLaughlin, Financial Controller at Bach. “I want to thank Gov. Ritter, his Energy Office, CHFA and the U.S. Department of Energy for stepping up to help us when we really needed assistance.”