Racines Restaurant

The old space for this Denver eatery was too small and lacked adequate parking. Expansion on the current site wasn’t an option, since the restaurateurs didn’t own the building.

With long term, fixed rate financing from CHFA, Racines purchased a site and constructed a new 9,500 square foot restaurant. The restaurant now has 80 parking spaces, a sizeable increase from the old location that will strengthen the overall business. 

Children’s ARK

Children’s ARK is a nonprofit, residential treatment center for youths between the ages of nine and 18 and is located approximately 25 miles west of Colorado Springs.

In the early 90s, Eric and Jean Ann West sold their home to follow their calling to serve kids suffering from family, emotional and physical problems.  Children’s ARK provides a home, educational opportunities and emotional support from Eric, Jean Ann and their dedicated staff.  They provide these services in a quiet, peaceful setting, aimed at pointing the troubled youths at Children’s ARK in the right directions.

Eric and Jean Ann realized they needed to expand their facility into something more manageable.  Being a nonprofit they were not sure where to go for the necessary funding.  “When we heard about the CHFA nonprofit loan program, we knew our prayers had been answered,” Eric said.  CHFA built a financing package for Children’s ARK that allowed them to save substantially.  “I had agreed to what I considered a fair interest rate,” West said.  “When I opened up my contract, I saw that the rate quoted on the contract was considerably lower than the commitment letter’s loan rate.  I struggled a bit with my conscience and decided to do the right thing and call CHFA to tell them of the mistake.  To my surprise and delight, I was told there was no error.  My loan officer had worked with CHFA’s finance department to come up with a rate a struggling nonprofit could handle.”