BUILD Denver

BUILD Denver will provide eligible undercapitalized businesses with affordable loan products at a subsidized interest rate currently set at 4.99%. Businesses can apply for funding support ranging from $10,000 – $350,000. The program also offers business coaching focused on loan readiness, application assistance, and support throughout the life of the loan. BUILD Denver is designed as a revolving loan fund, with every dollar repaid to be reinvested to support the next small business.

Loans may be used for most business purposes, such as expenditures for working capital, fixed assets, purchase of existing commercial buildings and land (when part of a business project), tenant finishes and property improvements, and new construction of facilities for operations. Loans may also be used for start-up expenses and associated expenditures for operations, or the purchase of a business or franchise located within the City’s geographic boundaries. 

BUILD Denver is funded by the City’s Herman Malone Fund, a special revenue fund created in 2022 to expand access to capital and increase investment in undercapitalized Denver small businesses who have historically lacked access to or have been underserved by traditional sources of financing.

Businesses must demonstrate program eligibility to be considered for funding. Submission of an application and meeting basic eligibility criteria does not guarantee loan approval.

Businesses meeting the following eligibility criteria are encouraged to apply:

• For-profit, small businesses engaged in activities that are legal under applicable law.
• Physically located (or, in case of a start-up, to be established) within the boundaries of the City and County of Denver at the time of funding and demonstrated intent to remain in Denver.
• Be registered with and in good standing with the Colorado Secretary of State’s Office.
• Be in good standing with local, state, and federal taxing and licensing authorities.
• Meet program underwriting criteria established by the City’s program partner, CEF.
• Meet eligibility criteria established by DEDO, such as being current with the City on any loan, contract, or tax obligation as due, or in compliance with any rule, regulation, or provision on existing or past City contracts, and demonstrating no duplication of benefits from prior DEDO funding. 

Participation in the program is focused on those businesses who have exhausted or demonstrated significant challenges in obtaining other sources of traditional and conventional financing. 

Priority consideration is given to business applicants in the following main categories: 

• Majority owned by low-to-moderate income individuals (as defined by U.S. Department of Housing and Urban Development) who desire to own or strengthen existing businesses, develop assets, and empower themselves financially, and/or
• Have strong links to neighborhood placemaking/preservation, and/or
• Support and encourage employee ownership, and/or
• Located in Denver’s neighborhoods where businesses are vulnerable to displacement and economic division

Applications are now open and will be accepted on a rolling basis.

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What is the Business Investment, Loans, and Development (BUILD) Denver Program?

BUILD Denver is a program to increase the investment in entrepreneurs and small business owners in Denver who have traditionally lacked access to affordable funding. The City and County of Denver has awarded this program to Colorado Enterprise Fund (CEF). This is a 3-year award not to exceed $3 million a year, for a total of $9 million. The program is derived through and limited by the Herman Malone Fund from sales tax dollars collected from cannabis sales in Denver, per ordinance CB 21-1289. CEF will match the loan capital of at least 25% of the program funding allocated.

If my business applies, is it guaranteed to receive funding?

No. The BUILD Denver Loan Program is not a guarantee. All loan applications submitted in completion, with all necessary documentation, will be evaluated by Colorado Enterprise Fund staff according to their underwriting and loan procedures.
Complete applications will require applicants to provide their business license number and federal EIN, tax ID number, or Individual Taxpayer Identification Number, as well as a modest amount of financial and other business information.

What are the eligibility criteria for the loan program?

• Business must be physically located within the boundaries of the City and County of Denver.
• Be registered with and in good standing with the Colorado Secretary of State’s Office.
• Be engaged in activities that are legal under applicable law.
• Be in good standing with local, state, and federal taxing and licensing authorities.
• Previous funding support through Denver Economic Development & Opportunity (DEDO) will be taken into consideration. There will be no duplication of benefits.
• Applicants must be current with the City and County of Denver on any loan, contract, or tax obligation as due, or in compliance with any rule, regulation, or provision on existing or past City contracts.

In accordance with CEF's underwriting policies, the following type of businesses will not be eligible:

• Membership organizations such as clubs and Homeowner Associations (HOAs)
• Commercial banks
• Real estate holding entities
• Nonprofit organizations
• Cannabis, e-cigarettes, gambling, adult entertainment related businesses.

If I received funding from another Denver program, does this disqualify my eligibility to apply and potentially receive this loan?  

Maybe. We encourage City and County of Denver businesses who have previously received city funding to still submit an interest form but if you have received previous funding support, your application will be evaluated for duplication of benefits (to avoid funding the same or similar activities) and for past loan performance.

What are the permitted uses of the loan funds?

• Working capital, including inventory
• Expenditures for fixed assets, including equipment
• Purchase of commercial real estate building; new construction of facilities for operations
• Leasehold improvements ( interior and exterior of commercial building)
• Start-up expenses
• Purchase of business located within City and County of Denver’s geographic boundaries.
• Refinancing of high interest non-bank debt ( Merchant Cash Advances & Credit Card debt)

Uses NOT permitted for loan funds:

• Can’t be used to pay owner’s remuneration, including but not limited to wages, bonuses, or similar types of compensation.
• Can’t be used to pay for legal expenses, or penalties assessed for criminal violations, or to pay adverse civil judgements stemming from operation of the business.
• Can’t be used to pay fees, assessments, liens, or penalties due to the failure of the borrower to collect or remit applicable taxes
• Can’t be used to refinance existing traditional business debt (bank loans)
• Can’t be used for anything illegal under local regulatory authority

Colorado Enterprise Fund (CEF) is a non-profit CDFI small business lender committed to helping undercapitalized entrepreneurs start or grow their businesses. CEF offers loans ranging from $10K to $1M for those who don’t meet traditional financing guidelines which includes SBA 7(a) and microloans. Beyond financing, CEF provides no-cost business coaching to our borrowers through our Business Navigation Services. CEF has been dedicated to creating impact through building small businesses, driving community development, and creating jobs for 50 years. CEF has disbursed over $441 million in capital to 9,800+ businesses statewide. For more information, www.coloradoenterprisefund.org.