Roadrunner entrepreneurs have a powerful tool to help launch or grow their businesses. Through a partnership with Alpine Bank, Metropolitan State University of Denver is offering small-business loans of up to $50,000 to eligible students, alumni, faculty members and staff members, providing access to the money that founders need to launch and scale their businesses.
Housed in the College of Business Center for Entrepreneurship and overseen by Kemper Family Foundation Endowed Chair Adam Melnick, J.D., assistant professor of Management, the program aims to remove financial barriers that often stand in the way of early-stage growth, particularly for entrepreneurs from historically underrepresented communities.
“Small-business ownership is a true economic engine,” said Melnick. “But one of the biggest barriers to small-business ownership is access to capital. What excites me about the program is the opportunity to get funding into the hands of small-business owners who will create jobs in the communities that we serve.”
Who is eligible for a loan?
MSU Denver-affiliated businesses are eligible to apply for these loans when individuals connected with the University hold 50% or more ownership interest. That includes:
- Students in good academic standing who have completed at least 90 credit hours, with a minimum of 30 earned at MSU Denver.
- Alumni who received a bachelor’s or master’s degree or an Entrepreneurship certificate or completed the Launch Denver program.
- Faculty and staff members employed at the University for at least one year.
The loan program is designed for entrepreneurs who need support launching or growing their businesses but may not qualify for traditional financing. Because the interest rate is higher than average, the loan is best suited for individuals who are unlikely to receive funding elsewhere.
“The intent behind the program is to get capital to people that wouldn’t otherwise qualify for a bank loan,” Melnick said. “We know individuals from historically underserved communities, particularly people of color, and women are typically approved for loans at a much lower (frequency). It could also be for someone with a low credit score or someone who doesn’t yet have the income to comfortably cover debt repayment.”
Recipients can use the loans for most any genuine business expense, such as working capital and equipment purchases, but not for personal expenses. “Paying a consultant to build your website, buying ads, renting equipment or buying initial inventory are all great examples of how to use this type of loan,” said Melnick.
The program has a rolling deadline, and applications are accepted throughout the year.
Contact Melnick for details or to apply.
