Denver and Jobs Benefit from Loan Programs

Two new loan programs are focusing on Denver and jobs.

State officials recently launched two new business loan programs that will help more than 160 local businesses implement energy initiatives. Specifically, the $14 million worth of loans will help finance energy-efficiency improvements in commercial buildings and renewable energy businesses.

"These new loan programs answer a significant need expressed by Colorado businesses of all sizes – access to capital," Gov. Bill 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 first loan program, dubbed the Green Colorado Credit Reserve, is an extension of the Colorado Credit Reserve Program. It will allow businesses to finance up to $100,000 in energy efficiency retrofits in their offices or manufacturing facilities.

The CCR, which was revived last year, has helped 171 businesses and leveraged almost $6 million in private-sector lending. The Green CCR is expected to help more than 160 businesses and generate $7 million in lending.

The Green CCR, which will be administered by the Colorado Housing and Finance Authority and funded by a $1 million American Recovery and Reinvestment Act grant from the U.S. Department of Energy, will ultimately create more small stores jobs (Click here).

The second loan program being funded is the Governor's Energy Office Revolving Loan Program, which is aimed at financing energy efficiency and renewable energy projects throughout the state. The program is being funded by a $13 million ARRA grant and will be administered by the CHFA and the GEO.