FORT COLLINS - Helping businesses access loans a little more easily. That's the goal of a new partnership between the Colorado Enterprise Fund and Home State Bank.
They've teamed with the non-profit technology incubator, Rocky Mountain Innosphere. Organizers say their investment to establish the Early Stage Loan Pool will support high-quality startup companies that help to make a positive economic impact in our region.
To make the Early Stage Loan Pool a reality, Home State Bank made a low interest loan of $250,000 out of their Community Reinvestment Act program to Colorado Enterprise Fund (CEF), which will serve as the fund administrator.
CEF will also set aside up to $250,000 in additional funds for the Loan Pool. "We're fortunate to have created the Early Stage Loan Pool with great partners," said Mike Freeman, Innosphere CEO. "They saw the need, had the vision, and are now helping to solve the funding needs of our entrepreneurs." Rocky Mountain Innosphere will refer qualified startup companies to the Early Stage Loan Pool who are in need of early stage loan products to fill purchase orders or to build inventory.
The fund is up and running and loans are already being made to Innosphere Client Companies.
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