Successful Pilot Program Reaps Dividends
Maximum Loan Amount Increases to $40,000 in 2008
The Denver Office of Cultural Affairs (DOCA), in partnership with the Denver Office of Economic Development (OED) and Micro Business Development Corporation (MBD), is delighted to announce that the
maximum loan amount for the Creative Enterprises Revolving Loan Fund (CERLF) has increased from $20,000 in 2007 to $40,000 in 2008.
In 2007, DOCA, OED and MBD formed a ground-breaking collaboration providing access to relevant and flexible business capital for Denver’s creative entrepreneurs through the CERLF. The CERLF is administered by MBD and financed through Community Development Block Grant (CDBG) funds with an annual pool of $100,000 from which to draw.
Accomplishments from the pilot year of the CERLF program include:
Service to over 44 creative business clients
Receipt of 15 loan applications totaling $216,000 in requests
Approval of nine loans totaling $97,500 to creative businesses in Denver County
Loan decisions in an average of four weeks
Maintenance/creation of approximately 22 jobs
Repayment rate of 100%
About the Creative Enterprises Revolving Loan Fund (CERLF)
The Creative Enterprises Revolving Loan Fund (CERLF) offers creative enterprises in the City and County of Denver access to affordable and flexible business capital to increase income and build assets. Creative enterprises are defined as nonprofit organizations and for-profit businesses that produce or sell fine art, photographic and graphic art, performance art, handcraft and design, literary art and media.
A CERLF loan may be used for business personal property, income generation (access to markets) and some space renovation. The loan applicant must be a resident of or establish their business in the City and County of Denver, and preference is given to individuals with low wealth or artists with disabilities. Rates and terms vary depending on the loan amount.
The CERLF is funded by the Community Development Block Grant (CDBG) program through a joint effort of the Denver Office of Cultural Affairs (DOCA), Denver Office of Economic Development (OED) and Micro Business Development Corporation (MBD). For more information on the CERLF, including rates and terms, visit MBD’s Web site at
www.microbusiness.org/creative or call 303-308-8121.
The Creative Enterprises Revolving Loan Fund is a program of the Denver Office of Cultural Affairs’ Create Denver initiative. Create Denver exists to support, promote and grow Denver’s creative sector. It includes policy recommendations, programmatic initiatives, technical assistance and advocacy.
The mission of the Denver Office of Cultural Affairs is to advance the arts and culture in the City and County of Denver.