Denver, CO – 3/23/2023 – Today represents the beginning of Energize Colorado’s fourth year. Founded during the earliest days of the pandemic, Energize Colorado supported and built innovative solutions to deflect the impacts of business closures and invested heavily in the entrepreneurs who needed help the most. As Energize Colorado enters this next phase of growth, the nonprofit is working to expand its investments across the state to leave a lasting impact on entrepreneurs.
Earlier this month, Energize Colorado announced the launch of their Energize Community Program (ECP). ECP offers $12 million in low-interest loans of up to $75,000, and is designed to lift up entrepreneurs in underinvested communities across the state. COO Scott Romano states, “The influx of applications we’ve seen come in since last week represent the changing needs of entrepreneurs in our state. No longer looking for recovery dollars, these entrepreneurs want to invest in the future of their business.”
Over the last three years, Energize has deployed a total of $45 million in grant and loan capital to more than 5,000 business owners and entrepreneurs. They also established a network of more than 650 volunteers from a variety of backgrounds and worked with 75+ partners in delivering programs to underinvested in communities.
Colorado needs more innovative ways of deploying capital to those who have been historically underserved. To reach their mission of “creating a resilient and equitable small business ecosystem,” Energize Colorado is now seeking to become a certified Community Development Financial Institution (CDFI). This transition is anticipated to take two years and will increase Colorado’s capacity to support small businesses.
Current CEO and co-founder, Wendy Lea, has led Energize through its launch to this impactful step of becoming a CDFI. In Energize’s next phase, Wendy will transition to Chair of the Board; current Chair and co-founder, Brad Feld, will become Chair Emeritus and remain active on the board. The Energize board has appointed current COO, Scott Romano, to take on the role of Interim CEO as of April 1, 2023. A search for a permanent CEO is underway.