Denver is getting ready to pump millions of dollars in low-interest cash into neighborhood businesses that have struggled to get traditional loans. A new program will offer individual loans from $10,000 up to $350,000, with as much as $9 million available over three years. The city’s Economic Development & Opportunity department is partnering with the Colorado Enterprise Fund to pair that money with grants and one-on-one coaching for local entrepreneurs. Applications open June 1, with virtual info sessions set for June 9 at 10 a.m. and June 25 at 3 p.m.
Council Signs Off on the BUILD Denver Contract
Denver City Council voted this week to approve an agreement that steers up to $9 million from the Herman Malone Fund into the new Business Investments, Loans and Development program, better known as BUILD Denver. According to Denver City Council records, the contract limits spending to no more than $3 million per program year and runs through April 30, 2029. Under the deal, the Colorado Enterprise Fund will administer loans, grant dollars, and capital-readiness coaching across the city.
Loan Sizes, Rates and City Support
Under the BUILD Denver program, individual loans will carry a subsidized interest rate of 4.99% and can be used for working capital, equipment purchases or other core business needs. City officials say borrowers will get help completing applications and continued coaching throughout the life of the loan, to move money quickly into communities that have historically had limited access to mainstream financing. Those terms and the rollout timeline were reported by the Denver Gazette.
Who Will Run the Loans
The Colorado Enterprise Fund, a Denver-based nonprofit Community Development Financial Institution, will manage lending and provide free business-navigation support, including marketing, sales, and accounting coaching. The Colorado Enterprise Fund reports that it has supported more than 9,800 businesses and disbursed over $442 million in capital across Colorado. The group has used revolving community loan funds in other programs, in which repaid dollars are recycled into new loans to keep local capital pools going, a model its leaders have described in recent press materials.
Where the Money Comes From
BUILD Denver is funded through the Herman Malone Fund, a special revenue account created in 2022 that dedicates 1% of Denver’s retail marijuana sales tax collections to expanding access to capital for diverse-owned startups and early-stage companies. According to the city’s Malone Fund materials, the money is intended to help close long-standing gaps in business investment and support generational wealth-building in underserved communities. The Economic Development & Opportunity department has said it will post application materials on its small-business webpages as the June 1 application window opens.
What This Could Mean for Local Businesses
City leaders are framing BUILD Denver as a homegrown way to narrow the capital gap that keeps many neighborhood shops from hiring, expanding or even staying afloat. By tying relatively affordable loans to one-on-one coaching, officials hope to boost borrowers’ odds of success and keep repaid dollars circulating locally through the revolving loan structure. Small-business owners may want to watch DEDO’s calendar for application updates and log into one of the June info sessions to get a clearer sense of eligibility, timing and how this new pot of money could fit into their growth plans.
