FINAL FY23 Annual Report - Flipbook - Page 3
In 2023, Colorado Enterprise Fund (CEF) had another dynamic
Letter from Leadership
year of growth, capacity-building and impact!
With a $10 million grant awarded to
CEF from the Colorado Office of
Economic Development and
International Trade (OEDIT), CEF
launched a new 3-year initiative – the
Colorado Startup Loan Fund (CSLF). We
are honored to be one of eight missionbased lenders selected to administer
the program. Within the first 12 months
of the CSLF program, CEF disbursed
$4.8 million in 158 loans to new and
existing small businesses.
Additionally, CEF was awarded $3.7
million through the CDFI Fund
Equitable Recovery Program to be used
primarily as loan capital for businesses
in low-income census tracts to boost
economic prosperity.
CEF was very busy in FY23 closing four
New Markets Tax Credits (NMTC)
financing projects all around the state,
including an early childhood education
and training center, a revitalization of a
historic Main Street hotel in a rural
town, a behavioral health hospital and
outpatient clinic in the central
mountains and a new food distribution
facility to provide hunger relief on the
Western Slope.
CEF concluded FY23 with an impressive
total of 207 small business loans
totaling $10.9 million. Our total capital
disbursed including loans, grants, and
New Markets Tax Credits totaled $69
million.
We capped off our fiscal year with a
bang in September by hosting our firstever Small Business Success Summit,
drawing 100 attendees. Small business
owners gained valuable insights and
relevant information on the economy,
marketing, technology, and other
topics to help them ignite their
business!
In FY23, we also achieved a significant
operational milestone with the rollout
of our online loan portal, which enables
our customers to conveniently view and
manage their loans 24/7. They can view
account details, download transaction
history, make additional payments,
send messages to our servicing
department, and more. This
enhancement improves efficiency for
both CEF and our customers.
CEF was honored with two incredible
community accolades in FY23. In June,
we were selected as one of three
finalists for the Denver Metro Chamber
of Commerce Large Nonprofit of the
Year. In September, Colorado Biz
Magazine selected CEF as a Top
Company 2023 winner in the Financial
Services category. We are proud to be
recognized for all our hard work in
providing access to capital to
underserved entrepreneurs.
This dynamic year inspires us to
continue our work with even more
vigor in FY24. One of our borrowers,
Christina Richardson, once told us she
is proud of what she has accomplished,
but she is not satisfied and not finished.
We believe those words exemplify
exactly how we feel at CEF - we are
proud, but still have work to do!
Ceyl Prinster
Brian Peagler
President & CEO
Board Chair