For most of RMMFI’s history, we’ve offered business capital exclusively through loans. We started providing some grants this past year, but they were limited to entrepreneurs living and working in Northwest Aurora and business owners who were formerly incarcerated.
Today, we’re excited to announce that business grants are now available to all new RMMFI entrepreneurs as part of our core capital offerings. With our newest capital product, Launch Grants, entrepreneurs completing Business Launch Boot Camp will receive a $2,000 grant to support their business startup and operation. Boot Camp graduates will continue to have access to Launch Loans, as well, to provide additional support as their businesses become operational.
Along with our Launch Grants, we are also introducing new loan limits in recognition of inflation and increases in the cost of living and doing business in Colorado over the past ten years. We are increasing the limit on our Launch Loans from $2,500 to $3,500 and on our Thrive Loans from $5,000 to $7,000. Our Growth Loans will now start at $7,001 and will continue to have an upward limit of $75,000.
We’re grateful to the Colorado Startup Loan Fund and the Colorado Department of Local Affairs for their support in creating these new capital offerings. As always, our loans and grants will be integrated with RMMFI’s education, mentorship, and community resources as part of our Capital Meets Capacity model. We believe in growing and innovating alongside the entrepreneurs we support, and we’re excited to offer these new and improved capital products to better meet the needs of small business owners across Colorado.