Denver’s Economic Development and Opportunity Department is partnering with the nonprofit Colorado Enterprise Fund to make low-interest small business loans, in a program approved this week by the Denver City Council.
“This program puts cash on the barrelhead and sends a clear message that if you want to do business in Denver, you’ll have the full support of the city behind you,” Denver Mayor Mike Johnston said in a news release.
Proceeds for the program are from a city fund honoring former National Black Chamber of Commerce Chair Herman Malone, drawing 1% of retail marijuana sales tax revenues. Under the partnership, DEDO and CEF will launch a 3-year program to provide up to $9 million in loan capital for undercapitalized businesses…