Our partners at The Fax Partnership created the overview below.
CEDS Finance provides attainable financing solutions and no-cost business support services to start, grow and strengthen small businesses. The mission of CEDS Finance is to support the American Dream of financial self-sufficiency by assisting refugees, immigrants, and others from underserved communities in Metro Denver with loans and murabahahs (Islamic-compliant financing) of up to $100,000.
Start-up and existing businesses are eligible for CEDS Finance loans. While it will review an applicant’s credit history as part of its process, CEDS Finance is a character-based lender that does not have a minimum credit score requirement. It also has a collateral-free loan option for financing needs of up to $20,000. Additionally, CEDS is also the only lender in Colorado that offers Islamic-compliant financing.
CEDS Finance does not fund business acquisitions, non-profit organizations, or businesses in the following sectors: adult entertainment, gambling, guns, cannabis, or illegal activities.
The Energize Community Program (ECP) prepares small business owners to successfully apply for loan capital. ECP includes funding readiness workshops, low-interest Gap Fund loans up to $20k, and an accelerator program valued at $1,200. This round of Gap Fund loans is available to small businesses across 4 communities including those in East Colfax, Pueblo, Southwest Denver, and child care providers. The Funding Readiness Workshops kick off on April 5th and will run through May 12.
Application Dates: June – July 2022
ECP is specifically for four communities in Colorado: East Colfax, Southwest Denver, Pueblo, and Child Care Providers.
Uses include:
This program is for businesses with fewer than 25 employees, operating for at least two years, and who operate in the four communities listed above.
The following communities are not eligible:
The Colorado BIPOC Micro Equity Fund supports the growth and resiliency of Black, Indigenous, and People Of Color (BIPOC) owned businesses through patient equity-like investments designed to feel like friends and family capital.
The Colorado BIPOC Micro Equity Fund provides growth capital to small businesses. Growth Capital is an innovative financing product that gives business owners the time they need to invest in and stabilize their companies. Unlike loan products, growth capital does not have fixed repayment terms; instead it’s designed as a long-term investment where businesses repay only when they are successful in growing their revenue.
LISC makes growth capital investments in your company ranging from $50,000 to a maximum of $250,000 with flexible repayment terms.
Small businesses may use these funds to support growth and expansion plans such as:
The Colorado BIPOC Micro Equity Fund focuses on small businesses that are:
RMMFI invests in entrepreneurs’ personal and business development through a proven mix of classroom, coaching, capital, and community. In addition to their programming to explore, launch, or grow your business, RMMFI offers loans ranging from $500 to $75,000.
RMMFI’s loans are character based, meaning they look beyond financial information and credit history to consider aspects like your growth as an entrepreneur and your commitment to continuous learning and improvement. RMMFI is committed to fair and equal opportunity lending and does not consider citizenship status or criminal background when making loan decisions.
RMMFI is focused on serving individuals and communities that are often overlooked and underestimated by traditional business and financial services. In order to be eligible, your income must be 80% or less of the Area Median Income (AMI). More information about eligibility can be found at rmmfi.org/re-launch.