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A new program is providing loans to help companies save and create Colorado state jobs (Click here).

Gov. Bill Ritter recently announced that 42 additional small businesses have obtained loans through the Colorado Credit Reserve Program since an initial round of loans were handed out during the fall of 2009.

“Colorado is the poster child for how important small businesses are,” Ritter said. “They are the backbone of our economy and the engine that drives job-creation across the state. With the economy still struggling, one of the biggest challenges for small businesses remains access to credit. This program is providing vital loans to help small businesses survive, thrive and save and create jobs.”

So far, the program has helped small businesses retain 371 jobs, and another 176 jobs are expected to be created this year. The program, which is administered by the Colorado Housing and Finance Authority, has provided loans to 65 businesses in 17 counties. Loan amounts have ranged from $1,400 to $200,000, with the average amount at about $28,200.

CHFA has partnered with the Colorado Bankers Association, Independent Bankers of Colorado and National Federation of Independent Business for the program.

The program was revived through a Senate bill last year after it became dormant in 2006. The bill authorized $2.5 million for the program, which will leverage $50 million in loan funds. About $119,000 of the public funds have been spent so far, leveraging $1.8 million in private sector loans.

Colorado’s economy has been improving as of late, with the state’s unemployment rate declining and more jobs being added on a monthly basis.

During November 2009, the state’s unemployment rate decreased from 7 percent to 6.9 percent, after holding steady at 7 percent for two months. Colorado’s current rate is lower than the national unemployment rate of 10 percent.

The state had a total non-farm employment of 2,242,900 workers during November, according to the U.S. Department of Labor Bureau of Labor Statistics. This is up from 2,241,100 workers during October, but a 3.9 percent decrease from November 2008.

Tags: Colorado state jobs

This entry was posted on Tuesday, January 12th, 2010 at 5:43 pm and is filed under Colorado, Job Search. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.