RMMFI is excited to announce that we are an official lender for the Colorado Startup Loan Fund, which was introduced last week by the Polis Administration and the Business Funding & Incentives Division of the Colorado Office of Economic Development and International Trade (OEDIT). This fund sets aside $31.1 million to offer new financing options for small business owners across Colorado looking to start, restart, or restructure a business, with an emphasis on serving those who have historically encountered barriers to bank financing.
By offering smaller-than-average loans, the Colorado Startup Loan Fund seeks to make financing a possibility for entrepreneurs who might not qualify for or require a larger loan. Through this program, RMMFI is offering loans ranging from $200 to $75,000 through our established Seed, Launch, Thrive, and Growth Loan products, as well as a limited number of small grants. Capital will be available to eligible entrepreneurs who complete our program requirements as part of our Capital Meets Capacity approach, ensuring they are also equipped with education, mentorship, and community resources.
Increasing our capital deployment is one of RMMFI’s top three priorities for the next year. Access to capital is core to RMMFI’s mission and commitment to equity, and our growth in staff and programming means we can offer more support than ever before. We’re planning across all parts of the organization to connect more entrepreneurs to capital, and the Colorado Startup Loan Fund provides a great opportunity to extend our reach and impact.
Stay tuned for updates and new capital offerings as we begin deploying Colorado Startup Loan Fund dollars!