Assessments collected since inception of $609,886 have leveraged nearly five times that amount, or $2,578,320, in direct financial investment in district improvements. In addition, the BID has facilitated $51,553,330 in development, leveraging tax collections by a factor of 75. Details of these investments are available here, and they include the West End Lofts, mixed-use Mile High Vista project including a new branch library, commercial and residential buildings. Direct investment in district improvements include GreenFAX and R-O-W improvements being undertaken by the BID, City of Denver and Xcel.
In this market, accessing financing has become a challenge for even the most deserving of borrowers. The BID can guide your business to access the best possible financing to suit your needs. Here are a couple of the many options, you might want to explore:
SBDC Metro Denver
Colorado Business Loan Agency
Success Story at the Steam Baths
The Lake Steam Baths at 3450 W Colfax recently completed installing a solar thermal array, with financing and contracting assistance from the BID. Between the financing and savings on its gas bill, the Steam Baths will save $500 per month, and reduce annual carbon emissions by 16.1 metric tons, equivalent to taking 3 cars off the road. The owner Hannon Hymen calls the system “awesome” and is excited to be “going green”.
To finalize financing for the project, the BID is currently working to obtain Lake a Federal “payment in lieu of taxes”. This is stimulus money that will pay for one-third of the cost of the project.
West Colfax Small Business Improvement Loan Fund
Are you unable to get loans from banks because you are in a deteriorated neighborhood or an undercapitalized or new business?
Would you qualify as minority-owned or short on capital?
New funding is now available to Denver’s Westside!
- Emergency loans are available.
- Business tenants can borrow! Real estate is not required as collateral.
- And best of all, even lower interest rates or matching grants are available if you are improving your storefront on
West Colfax Avenue.
The West Colfax Business Improvement District and the leading not-for-profit lender in Colorado, the Colorado Enterprise Fund, are teaming up to provide small businesses the funding they need to thrive in a competitive economy. Our goals are to revitalize Westside commercial corridors and bring job opportunities to area residents.
Stop by the BID’s office at 4500 W Colfax or call Dan Shah at 303-623-3232 for more information or to apply. Technical assistance to help you make a successful application is available at no charge.
Eligible purposes. Finance new or upgraded equipment purchases, façade improvements, and tenant improvements, property purchases, as well as working capital.
Underwriting. More flexible than bank products, through a process more streamlined than the city, and accepting higher risk loans.
Loan size/term. Between $3000-$50,000, with most between $10,000 and $15,000. Terms of up to four years.
There are three major incentives to investment along West Colfax:
1. New Markets Tax Credits are available to the entire West Colfax corridor for commercial development. Please contact the BID for more information about this important incentive to investment.
2. Low-income Housing Tax Credits. See map of qualified low-income housing census tracks in West Colfax. The BID and its partners Councilman Garcia and Del Norte are advocating to include the entire neighborhood of West Colfax as qualified for the extra bonus available from this designation. Contact the Colorado Housing Finance Agency for more information.
3. Enterprise Zone Tax Credits
There are a variety a ways for new businesses on West Colfax to qualify for these credits against state taxes. A new business tenant undertaking tenant improvements can be eligible for these tax credits:
• For equipment: 100% of your investment up to $5000 plus 50% of investment after that—with the proviso that the credit is first discounted in relation to the depreciable asset life of the property.
• If the building you are occupying was vacant for > 2 years, then it can claim 25% of your investment in its rehab up to $50,000.
• If it qualifies as a new business facility (starting a new operation on West Colfax, newly constructing, acquiring, or leasing a facility) then it can claim:
a. a new job tax credit at $500 per employee for 1 year, and
b. a health insurance tax credit at $200 per employee for whom the business pays > 50% of health insurance costs (capped at $400) for a period of 2 years.
Note that these tax credits are available under the West Colfax Enterprise Zone administered through Jefferson County, but including Denver addresses. Please feel free to contact either Jefferson County at 720-544-5500 or the BID for more information.