The American Western Lenders Conference recently honored the Small Business Administration’s Colorado district office for an initiative that started in Colorado Springs. The office was presented the Best Practices in Partnering With Small Business Lenders in Region Eight award. (Region Eight consists of Colorado, Montana, Utah, North Dakota, South Dakota and Wyoming.)
The Colorado office won for a pilot initiative developed in cooperation with the Greater Colorado Springs Chamber of Commerce, the Colorado Springs Small Business Development Center and the Springs chapter of SCORE. The goal was to increase the number of active SBA participating lenders in the area by cultivating smaller regional banks that were not participants in the SBA loan guaranty program. The Springs Chamber worked with member banks to actively promote SBA loan program requirements to the nonparticipating banks.
“The Colorado Springs pilot initiative has been a success and we are beginning to see the positive results — more small-business lending in El Paso County,” said Patricia Barela Rivera, SBA Colorado district director.