These programs are designed to dismantle the typical barriers to capital access, like low credit scores and financial literacy issues. Notably, CEDS Finance does not require a minimum credit score for loan eligibility, with pre-loan counseling available to help establish or repair credit and post-loan support through the Credit Builders Alliance to aid in building long-term credit history. *Murabahas CEDS Finance provides the state’s only Islam- compliant finance product, murabahas, which operates on an affordable monthly fee instead of an interest-based structure. This accommodates Muslim small business owners, aligning with their faith practices. To date, 44% of CEDS Finance’s lending comprises murabahas. CEDS Finance’s commitment to cultural sensitivity is further demonstrated by its team’s fluency in 16 languages. This linguistic diversity, including the recent addition of three native Spanish-speaking staff members, has notably tripled lending support to Hispanic entrepreneurs, facilitating effective communication and trust-building. Transformative Impact on Local Economies As a certified Community Development Financial Institution (CDFI), CEDS Finance has profoundly impacted economic development and community empowerment. To date, CEDS has issued 578 small business loans, deploying $12.1 million in capital and facilitating the creation and support of over 1,300 jobs across Colorado’s diverse counties including Adams, Arapahoe, Broomfield, Boulder, Denver, Douglas, Jefferson, Morgan, and Weld. The CEDS borrower portfolio showcases a commitment to diverse economic empowerment with 80% of borrowers being Low-to-Moderate Income (LMI) status, 75% immigrants or refugees, and 90% identifying as BIPOC, reflecting the organization’s dedication to supporting communities facing the greatest economic challenges.
Spotlight Success Story: Sabrina Harris Sabrina Harris, owner of Walking by Faith Early Childcare Center, exemplifies the transformative effect of CEDS Finance’s mission. Sabrina opened her childcare center in January 2024 in Denver’s Montbello and Green Valley Ranch areas, communities notably underserved in terms of quality childcare options. Her business was supported by a startup loan from CEDS Finance, which enabled her to transform her vision into reality. Her center not only provides essential services to local families but also creates jobs, particularly for women, in the community. Inspired by her grandmother who ran a similar business, Sabrina’s commitment to nurturing young children is palpable: “What inspired me to start my business was witnessing my grandmother operate her in-home childcare business for over a decade. That inspired me to go to college and operate my own center. I love being able to watch the children grow and meet their different milestones. I also love being able to support the Montbello community, which is a daycare desert. Being able to open up my doors to families that need child care is important to me and my community.”
(Image Credits: CEDS Finance, McBoat Photography)
31 The Acumen
Powered by FlippingBook