ADAMS COUNTY, Colo. — Five years ago, BreAnna Borah started her own company, Picturesque Impressions, to sell children’s books and her original art.
Working from her kitchen, she struggled to find space for her canvases and art palettes. She needed a dedicated art studio for her company but faced hurdles getting the funding to build one.
“I did go to a few different banks, and I was turned down just because my business is a startup business,” Borah said.
She reached out to the Colorado Enterprise Fund, a nonprofit community development financial institution. Through the organization, she secured a loan to build an art studio right in her backyard in Adams County.
The loan was part of a revolving loan fund program. When small business owners pay back their loans, the money is invested right back into supporting other small businesses in their community.
► Denver7's Ethan Carlson shows you how this program is impacting not only Borah, but also the larger community, in the video player below.
“We get paid from the interest income, and then we recycle the capital back in the community,” Chief Operating Officer for the Colorado Enterprise Fund Nim Patel said.
The program stretches across 13 Colorado communities, including a new partnership in Littleton.
“We want to be out there supporting small business owners all throughout Colorado and providing those free services really helps them excel,” Patel said.
The City of Littleton started its own revolving loan fund with $75,000. The Colorado Enterprise Fund matched that amount with its own $75,000, creating a $150,000 pool accessible to small businesses. The nonprofit also commits to coaching small business owners to help prepare them for success.
“This was one of our key expansions of our budget this year,” Director of Economic Development for the City of Littleton Rachel King said. “To make sure that those dollars were going directly to businesses and then they can be utilized again years down the road.”
King emphasized the importance of these businesses to the city’s identity.
“There’s nothing that can truly replace the character and charm of a small business,” King said. “It’s vital that we continue to support those local and small businesses here… The challenge exists more for a small business than a larger one. Anything we can do to remove those barriers is important.”
For Borah, the loan allowed her to create a space where can share the stories she wants to tell like those of her racoon main character Ratticus Finch. As she pays off her loan, those funds will help support other businesses in the future.
“If I can help pass the torch to them, it makes me extremely happy and inspired,” Borah said.
The Littleton fund is already operating, and small business owners can apply online here.
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