Community Development Block Grant - Economic Development (CDBG-ED)

Each year, the State of Colorado receives an allocation of federal funds to use for community and economic development efforts within the state. The economic development funds are used to aid the state's Business Loan Funds. Currently, Colorado has 14 Business Loan Fund locations which have service areas covering the majority of the state's rural areas. These 14 programs are responsible for promoting and fostering economic development efforts a the local level by providing financial assistance in the form of loans and loan guarantees to businesses in their respective regions. The loan program is locally driven, with each loan fund having its own local loan review committee and Board of Directors. Colorado uses Community Development Block Grant (CDBG) Funds to provide funding and aid to the state's Business Loan Funds. Business owners can apply for assistance directly through the Business Loan Fund in their region through the Colorado Office of Economic Development & International Trade.