DENVER, April 9, 2020 /PRNewswire/ -- Greenline Ventures, an impact-focused investment management firm based in Denver, has established the Greenline Emergency Microloan Program to offer much-needed loans to minority, women and veteran-owned businesses in Colorado. Applicants may apply for loan amounts between $5,000 to $25,000 and interest rates will be fixed at 2.00% following an initial six month, no interest period. There are no fees charged whatsoever (application, origination, underwriting, prepayment, etc.), no collateral requirements, and no interest or principal payments for the first six months. Additionally, loans through this Program can be used in addition to Paycheck Protection Program loans offered through the SBA.
The goal of the Program is to enable disadvantaged small businesses to continue operations and retain employees through this challenging period of economic trouble and uncertainty. "During this devastating time for small businesses, we wanted to offer emergency funding to help these fragile companies stay afloat and retain employees," says Patrick Vahey, President of Greenline Ventures. The Program will be administered by the Greenline Community Development Fund LLC, an affiliate of Greenline that has been certified as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department.
To be eligible for the Greenline Emergency Microloan Program, each business must be minority, women or veteran owned, located in the State of Colorado, have less than 50 full-time employees, and have been in business for over one year. There are no fees to apply or receive a loan through the Greenline Emergency Microloan Program. Companies interested can go to the Greenline website (https://www.greenlineventures.com/emergency-microloan-program) to download an application.
About Greenline Ventures: Greenline Ventures LLC specializes in providing creative and flexible capital to underserved businesses and communities that are often neglected by traditional capital providers. Greenline's mission is to (1) improve the flow of capital into underserved communities and (2) motivate market rate capital to invest in community priorities. Since inception, Greenline has invested over $2.5 billion in businesses and projects located in low-income communities throughout the United States.
Greenline Ventures LLC
SOURCE Greenline Ventures