HomeMy WebLinkAbout20232792.tiffRESOLUTION
RE: APPROVE AMENDMENT #4 TO LOAN FUND GRANT AGREEMENT AND
AUTHORIZE CHAIR TO SIGN - COLORADO ENTERPRISE FUND, INC.
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Board has been presented with Amendment #4 to the Loan Fund Grant
Agreement between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Colorado Enterprise Fund, Inc., with further terms and
conditions being as stated in said amendment, and
WHEREAS, after review, the Board deems it advisable to approve said amendment, a
copy of which is attached hereto and incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that Amendment #4 to the Loan Fund Grant Agreement between the County
of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County,
and Colorado Enterprise Fund, Inc., be and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized
to sign said amendment.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 25th day of September, A.D., 2023.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST:
Weld County Clerk to the Board
BY:Qttni . tdm.(,U 1 UL
Deputy Clerk to the Board
APP' aVED ' T! FORM:
Cou Attorney
Date of signature: C41 z 'I
Mi F eman, Chair
erry L :� ck, Pr -Tem
Scott K. James
cc: FI(aR/cp) IgcT(cc), CANS)
to /20/23
2023-2792
BC0057
Conyva0- 111047 I
BOCC STAFF USE
Date Set: Time:
BOARD OF COUNTY COMMISSIONERS
WORK SESSION REQUEST
WORK SESSION TITLE: Proposed Amendment Four to CEF Loan Fund Agreement
DEPARTMENT: Finance DATE: 9/18/23
PERSON REQUESTING: Cheryl Pattelli EXTENSION: 4481
Has your Commissioner Coordinator or BOCC Chair approved the work session?
Yes, Commissioner Coordinator
_X_Yes, BOCC Chair
Recommended length of time needed for discussion:
15 minutes _X_30 minutes other (list):
In addition to yourself and the board, please list who should attend:
Ryan Rose, Bruce Barker (Weld Staff)
Carrie Hanson, Lewis Hagler (CEF Staff)
Brief description of the issue: Informational only _X_Action needed
Colorado Enterprise Fund (CEF) staff reached out to Weld County staff requesting a fourth
amendment to the Weld County Business Loan Fund Agreement. Attached is the following:
• Weld County Business Loan Fund Agreement (2013)
o Amendments One (2015), Two (2016), Three (2018), and Covid Relief
(2020) to the Weld County Business Loan Fund Agreement
Proposed draft of Amendment Four to the Weld County Business Loan Fund
Agreement (Sept. 2023)
■ Email from CEF outlining the changes in Amendment Four
o Presentation that CEF staff will be giving the BOCC at the Sept. 18, 2023,
Work Session.
The changes recommended in Amendment Four were reviewed by Bruce Barker earlier this
month.
Options for the board:
1) Approve the changes per Amendment Four of the Weld County Business Loan Fund
Agreement
2) Approve some, not all, of the changes per Amendment Four of the Weld County
Business Loan Fund Agreement
3) Do not approve the changes per Amendment Four of the Weld County Business Loan
Fund Agreement
Recommendation to the board:
Staff recommends approving the changes per Amendment Four of the Weld County Business
Loan Fund Agreement at an upcoming BOCC meeting.
2023-2792
9/25
BC 6051
AMENDMENT FOUR TO THE LOAN FUND GRANT AGREEMENT
BETWEEN WELD COUNTY AND COLORADO ENTERPRISE FUND, INC.
Colorado Enterprise Fund ("CEF") requests to update, change and clarify existing Grant Agreements that
outline the administration and management of the existing revolving Small Business Loan Pool or Microloan
Fund Programs ("Loan Pool Program" or "LPP") operating on behalf of the City or County partner.
RECITALS
Whereas CEF ("Grantee") entered into a grant agreement with Weld County, Colorado ("Grantor") on
January 28, 2013 and subsequent agreements with the most recent on October 22, 2018 (collectively and
together known as the "Grant Agreements") to establish, grow and operate the Loan Pool Program for the
area.
Whereas, the Grantee will continue to administer and operate the Loan Pool Program per the Grant
Agreements, with the Purpose, General Objectives, Loan Pool Program structure, Promotion, Performance
Period, Compliance Period, Events of Default, and Remedies and any other miscellaneous provisions,
including previous investments, general loan programs and coaching services, to remain in
full effect.
NOW, THEREFORE, Grantor agrees to the following changes, updates and affirmations provided in items
1.-5. below to the Grant Agreements, which shall supersede Grant Agreements as of the signature date, to
include,
1. Grantor agrees that all Loan Pool Program loan losses shall be fully allocated to Grantee and that
Grantor is not required to invest additional loan capital to the Loan Pool Program; and,
2. Grantor agrees to eliminate the maximum loan amount of the Loan Pool Program. Grantee will
continue to provide loans through the Loan Pool Program that are generally less than, but not
limited to, $50,000; and,
3. Grantee shall contribute co -funding loan capital to the Loan Pool Program from sources other
than funds provided by the Grantee, to be used as additional loan capital at a ratio of at least
1:1; and,
4. Grantor accepts Attachment A hereto, as Loan Pool Program eligibility and terms to serve as
addendum to Grant Agreements; and,
5. Grantor agrees that Grantee shall provide:
a. Audited annual financial statements to the Grantor within 120 days of the end of the
Grantee's fiscal year;
b. Internally prepared interim financial statements (balance sheet and income statement)
quarterly to Grantor within 45 days of each quarter end; and
c. Loan activity and impact reports to Grantor within 45 days of each quarter end.
Quarterly Impact reports will generally include the
Zoho Sign Document ID: 28005D2C-NCV_GC-9D6ZYHWJGA4WKGCOLGEPCI99NZABDN5A1 NOG
i. most recent quarter lending activities for the Program Area including number
and dollar value of loans originated and summaries of impacts thereof (such as
jobs created, retained, borrower demographics, coaching hours), and
ii. active portfolio summary by number of loans and dollar value and aging
receivable, and
iii. cumulative funds deployed of dollar and number of loans, jobs impacted, and
summary of business sector, loan purpose and coaching hours and areas.
Acknowledgement and acceptance of the above statements,
COLORADO ENTERPRISE FUND:
Sep 20 2023 11:05 PDT
Name: Cecilia H. Prinster
Title:
President and CEO
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
Date
ATTEST: 4 '"-
CI o the Board 4.00.64 e Freeman, Chair SEP 2 5 2323
BY:�_ r, dff21..�►
Deputy COtot e Bo/ 4
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Zoho Sign Document ID: 28005D2C-NCV_GC-9D6ZYHWJGA4WKGCQLGEPCI99NZABDN5A1NOG
ATTACHMENT A
ELIGIBILITY GUIDELINES
The purpose of the Loan Pool Program ("LPP") is to provide access to capital in the form of small
business and micro loans to small businesses or community organizations with annual gross revenues
generally under two ($2M) million dollars with generally less than 50 FTEs that cannot obtain financing
through traditional sources, but are capable of sustaining a business operations and repaying debt, and
are considered socially or economically disadvantaged for a variety of reasons.
A. All loans made from the LPP will be to businesses with their primary locations within
Weld County ("Program Area").
B. To be eligible for the LPP and receive a small business loan:
a. At the time of application and throughout the term of the loan, a business must
have its primary office/headquarters or operations in the Program Area.
b. A business must file all standard Colorado Enterprise (CEF) application
information and meet CEF's standard underwriting criteria for the type and size of
loan.
C. Permitted and non -permitted uses of loan funds will follow CEF's standard loan policy,
which may include, but is not limited to:
a. Inventory purchase
b. Start-up expenses
c. Equipment purchase
d. Operations
e. Tenant finish and property improvements
f. Purchase of a business or franchise
D. Term and Fees of Loans. The terms and fees of a business loan will follow terms offered
on CEF products.
E. Interest Rates. The interest rates charged will follow CEF standard interest rates and be
determined based on market conditions, loan size and risk.
F. Underwriting and Application Process. CEF will follow its standard underwriting and
loan application process, and its standard Loan Policies, Guidelines and Procedures.
Zoho Sign Document ID: 28005D2C-NCV_GC-9D6ZYHWJGA4WKGCQLGEPCI99NZABDN5A1NOG
t.ct
Entity Information
Entity Name* Entity ID*
COLORADO ENTERPRISE FUND @00029864
Q New Entity?
Contract Name* Contract ID
AMENDMENT FOUR TO THE LOAN FUND GRANT 7421
AGREEMENT BETWEEN WELD COUNTY AND
COLORADO ENTERPRISE FUND, INC.
Contract Status
CTB REVIEW
Contract Lead *
CPATTELLI
Contract Lead Email
cpattelli@co.weld.co.us
Contract Description*
AMENDMENT FOUR TO THE LOAN FUND GRANT AGREEMENT
BETWEEN WELD COUNTY AND COLORADO ENTERPRISE FUND, INC.
Contract Description 2
Contract Type" Department
AMENDMENT FINANCE
Amount*
$0.00
Renewable *
NO
Automatic Renewal
Grant
IGA
Department Email
CM-
Finance@weldgov.com
Department Head Email
CM-Finance-
DeptHead@weldgov.com
County Attorney
GENERAL COUNTY
ATTORNEY EMAIL
County Attorney Email
CM-
COUNTYATTORNEY@WEL
NTYATTO R N EY@W EL
DGOV.COM
If this is a renewal enter previous Contract ID
If this is part of a MSA enter MSA Contract ID
Parent Contract ID
Requires Board Approval
YES
Department Project #
Requested BOCC Agenda Due Date
Date* 09/23/2023
09/27/2023
Will a work session with BOCC be required?*
HAD
Does Contract require Purchasing Dept. to be
included?
Note: the Previous Contract Number and Master Services Agreement Number should be left blank if those contracts
are not in OnBase
Contract Dates
Effective Date
Termination Notice Period
Contact Information
Contact Info
Review Date*
09/20/2023
Committed Delivery Date
Renewal Date
Expiration Date*
09/20/2024
Contact Name Contact Type Contact Email Contact Phone 1 Contact Phone 2
Purchasing
Purchasing Approver Purchasing Approved Date
Approval Process
Department Head
CHERYL PATTELLI
DH Approved Date
09/21/2023
Final Approval
BOCC Approved
BOCC Signed Date
BOCC Agenda Date
09/25/2023
Finance Approver
CHERYL PATTELLI
Legal Counsel
BRUCE BARKER
Finance Approved Date Legal Counsel Approved Date
09/21/2023 09/21/2023
Tyler Ref #
AG092523
Originator
CPATTELLI
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