Clear Creek Economic Development Corporation
Doing business “Colorado Style” at Rotary Club
The Peak to Peak Rotary Club held its meeting on Thursday, April 30th, at Fortune Valley Hotel and Casino in Central City. President-elect, D’Lynn Morse, introduced the guest speakers that week, Peggy Stokstad with Gayle Johnson, from Clear Creek Economic Development Corporation, Inc. (CCEDC), presently located in Georgetown.CCEDC was established in 1985 in Idaho Springs and has loaned out $5.5 million in business loans to the communities it serves, Clear Creek, Gilpin, and Grand Counties and the Town of Morrison. Loans are issued on a first-come, first-served basis. Stokstad commented that there are a lot of home-based businesses in the area, including artists, marketing, publishing, and data-based businesses. Stokstad hopes to make more local businesses aware of the CCEDC loan programs that are available to them.
According to a description of their business loans, there are five different types of loan programs administered by CCEDC to meet the needs of small to medium sized businesses:
- Mini Micro Business Loan: lending limit is up to $2,000 for a term up to six months at a zero percent interest rate. Funds must be used to enhance the visual appearance of a business.
- MicroEnterprise Loan Program: lending limit is $100,000 with low documentation, fast turnaround, and a focus on small businesses.
- Small Business Assistance Program (SBAP): lending limit is $20,000 with term and rate being determined during the review process. This has been a popular program with small businesses, allowing for the purchase of equipment, emergency cash flow needs, marketing, and other uses as approved.
- Revolved Funds: lending limit is $100,000 with a higher request available on a case-by-case review. Term and rate are set by the Loan Committee. Construction loans are considered with these funds.
- Community Development Block Grant (CDBG): lending limit is $100,000 with a higher request requiring State approval. A term is from one to ten years with interest starting at the prime rate. These funds are for purchasing real estate, furniture, fixtures, equipment, inventory, and working capital.
CCEDC also offers assistance to existing and new businesses in developing business plans, cash flow analyses, and growth issues. The CCEDC loan application package contains timely information in their “Creating a Business Plan” section that provides pertinent questions to consider in starting a new business. Gather more information and find out what their slogan, “Doing Business Colorado Style,” means by checking out the CCEDC website, www.clearcreekedc.org. Stokstad and Johnson can be contacted by telephone at 303-569-2133 or by fax at 303-569-3940 for more information or to set an appointment for a loan application.