Three months ago Realize Impact lent $105,804 to the Colorado Lending Source to provide them capital for the SBA’s Payroll Protection Plan loans (the “PPP”). Late last month, we were paid back, with interest.
You’ve most likely read about the PPP loans in the news. This is a fund to make those loans possible to more Main Street businesses.
What the news stories didn’t tell you is that the banks and CDFI’s making the loans were only able to lend the money they had on hand. The U.S. Treasury reimbursed the lenders months after they made the loans.
This is why Colorado Lending Source needed our money. We provided the capital they lent to small businesses, and we were then repaid once the Treasury’s funds showed up.
Catalytic capital in action! And our first bit of income from our new philanthropic investment service.