See How Our Impact Has Grown
Each year, CEDS Finance expands access to capital and support for under served entrepreneurs. Explore our previous impact reports to see how our work has evolved and the communities we’ve reached.
2025 Impact Report | 2024 Impact Report | 2023 Impact Report
IMPACT REPORT
FISCAL YEAR 2025
BREAKING BARRIERS
BUILDING BUSINESSES
IMPACT REPORT
FISCAL YEAR 2025
BREAKING BARRIERS
BUILDING BUSINESSES
INSIDE THIS REPORT
CEDS Finance proudly serves small business owners in Metro Denver, Weld, and Morgan Counties and offers murabahas statewide through culturally responsive financial products and personalized one-on-one consulting support.
“THE WHOLE EXPERIENCE WITH CEDS IS MORE THAN THE LOAN. IT’S THE SUPPORT. THEY HELPED
ME UNDERSTAND HOW I WAS HANDLING MY MONEY BEFORE THEY GAVE ME THE MONEY.”
“THE WHOLE EXPERIENCE WITH CEDS IS MORE THAN THE LOAN. IT’S THE SUPPORT. THEY HELPED
ME UNDERSTAND HOW I WAS HANDLING MY MONEY BEFORE THEY GAVE ME THE MONEY.”
JEMIL BOGALE,
ARIF PRINTING AND EMBROIDERY
Dear friends,
As we reflect on FY25, we are reminded that even in the most challenging of times, the entrepreneurial spirit perseveres. This past year tested our communities in profound ways. Economic uncertainty, rising costs, and persistent systemic barriers made it harder than ever for many small business owners to simply keep their doors open. Yet time and again, the entrepreneurs we serve showed us what resilience truly means.
Since our founding in 2009, CEDS Finance has been dedicated to one core belief: that access to capital should not be determined by your assets and income, but by your ambition and know-how. Our programs break traditional barriers of credit scores, collateral requirements, language and culture that translated into $3.5 million invested in 108 small businesses, supporting 254 jobs and serving entrepreneurs through lending and technical assistance combined.
In addition to our standard interest-bearing loan products, we are uniquely positioned as Colorado’s only Islamic-compliant lender and serve as a model for how CDFIs can meet the needs of faith-observant entrepreneurs.
With gratitude and optimism,
ALEXANDRIA E WISE
EXECUTIVE DIRECTOR
Our exclusive murabaha lending program was piloted out of tate in FY25 to break barriers for more Muslim entrepreneurs to access capital in accordance with their faith. Breaking barriers means more than just providing capital. It means walking alongside business owners at every stage of their journey. Through our annual survey of current clients, we found that 98% remain in business, compared to 75% of startup businesses in Colorado that are still operating after their first year, and that the majority reported increased revenue over the past year.
Looking ahead, we are energized by our Vision 2028 goals. Over the next three years, we will continue to scale our impact, innovate our products, and expand access to apital for those who need it most. We are committed to ensuring that every entrepreneur, regardless of their background or circumstances, has theopportunity to build a thriving business and a secure future.
None of this would be possible without you.Thank you for believing in our mission, for investing in our communities, and for standing with us as we break barriers and build businesses across Colorado.
JONALYN DENLINGER
BOARD CHAIR
ABOUT CEDS FINANCE
BREAKING BARRIERS TO BUILD BUSINESSES
For 16 years, CEDS Finance has served as the first rung on the capital and technical assistance ladder for Colorado’s most underserved entrepreneurs, including those facing the greatest barriers to traditional financing. We provide character based loan products and one-on-one coaching in 16 languages, ensuring that low income entrepreneurs, immigrants, refugees, and business owners of color have a clear pathway to small business ownership and economic mobility
CEDS Finance staff and community partners at our third annual Iftar Dinner
INVESTING IN THE WHOLE ENTREPRENEUR
CEDS Finance takes a character-based approach to underwriting that goes beyond rigid financial criteria. We assess an entrepreneur’s experience, business model, and commitment alongside financial readiness, pairing capital with individualized technical assistance. This model reduces risk, strengthens businesses, and creates more durable pathways to long-term success.
PROVEN RESULTS
Annual survey data from clients who have had active loans within the past two years. The survey was conducted in English, Somali, and Spanish. Clients shared the following achievements:
Colorado startups still operating within first year
income increase
Red Rocks Roll Off Services, CEDS client, Aurora, Colorado
2025 RECOGNITION
PARTNER OF THE YEAR
AFRICAN COLORADO CHAMBER OF COMMERCE
ALEX WISE : TOP 25 MOST POWERFUL
WOMEN IN BUSINESS AWARD
COLORADO WOMEN’S CHAMBER OF COMMERCE
FY25: BY THE NUMBERS
FY25: BY THE NUMBERS
VISION 2028 :
BUILDING TOWARDS OUR GOALS
VISION 2028 :
BUILDING TOWARDS OUR GOALS
Vision 2028 launched in FY25 as CEDS Finance’s first multi-year strategic roadmap, setting ambitious goals to scale access to capital, expand Islamic-compliant lending, and strengthen long-term sustainability. The progress highlighted here reflects one year of execution under Vision 2028.
On Track for Impact: Our FY25 results demonstrate steady progress toward ambitious three-year goals. With 21% of our capital deployment target achieved in year one and groundbreaking work as Colorado’s only Islamic-compliant lender, we’re building the foundation for sustainable, community-driven growth.
FY25 : WHO WE SERVED &
WHERE WE REACHED
FY25 : WHO WE SERVED & WHERE WE REACHED
BREAKING BARRIERS TO ACCESS
BREAKING BARRIERS TO ACCESS
CLIENT DEMOGRAPHICS
CLIENT DEMOGRAPHICS
*Categories are not mutually exclusive.
A business owner may be counted in
multiple categories.
BUILDING COLORADO BUSINESSES
SMALL BUSINESS OWNERS FROM 53 COUNTRIES
SMALL BUSINESS OWNERS FROM 53 COUNTRIES
AFRICA
Burkina Faso, Burundi, Central African Republic, Democratic Republic of Congo, Djibouti, Eritrea, Ethiopia, Gambia, Ghana, Guinea, Kenya, Liberia, Libya, Mali, Nigeria, Sierra Leone, Somalia, South Sudan, Sudan, Uganda, Zimbabwe
ASIA
Afghanistan, Bangladesh, Bhutan, Burma/Myanmar, China, India, Japan, Korea (South), Nepal, Pakistan, Philippines, Tajikistan, Thailand, Turkmenistan, Vietnam
THE AMERICAS
Argentina, Brazil,Colombia, Cuba, Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Mexico, Nicaragua, Panama, Peru, Trinidad & Tobago, United States, Venezuela
MIDDLE EAST
& NORTH AFRICA
Egypt, Iraq, Jordan, Lebanon, Morocco, Palestine, Saudi Arabia, Syria, Tunisia, Yemen
*Countries represented reflect CEDS Finance’s total portfolio since inception
*Countries represented reflect CEDS Finance’s total portfolio since inception
ISLAMIC – COMPLIANT FINANCING
ISLAMIC – COMPLIANT FINANCING
EXPANDING ACCESS THROUGH MURABAHA
Since 2011, CEDS Finance has offered Islamic-compliant financing through the murabaha product, designed to expand access to capital for Muslim entrepreneurs. In FY25, 50% of all dollars deployed by CEDS Finance were invested as Islamic-compliant debt, reflecting both community demand and the central role murabaha plays within the lending portfolio. Despite larger average loan sizes, murabaha financing continues to outperform the latter, with interest-bearing loans being six times more likely to default.
FIRST EVER NATIONAL PILOT
FIRST EVER NATIONAL PILOT
This year, CEDS Finance expanded the reach of its murabaha model by supporting Muslim-owned businesses beyond Colorado for the first time. This pilot, successfully closing three out-of-state murabahas, marks a significant milestone, positioning CEDS Finance as a national leader in small business murabaha lending and laying the groundwork for future multi-state expansion.
MURABAHA EXPANSION
- SUCCESSFULLY LAUNCHED CEDS FINANCE’S FIRST OUT-OF-STATE MURABAHA PILOT
- CLOSED THREE MURABAHA LOANS IN MINNESOTA
- POSITIONED AS A NATIONAL LEADER IN SMALL-BUSINESS ISLAMIC-COMPLIANT LENDING
MURABAHA EXPANSION
- SUCCESSFULLY LAUNCHED CEDS FINANCE’S FIRST OUT-OF-STATE MURABAHA PILOT
- CLOSED THREE MURABAHA LOANS IN MINNESOTA
- POSITIONED AS A NATIONAL LEADER IN SMALL-BUSINESS ISLAMIC-COMPLIANT LENDING
TOTAL MURABAHA IMPACT SINCE 2011
TOTAL MURABAHA IMPACT SINCE 2011
“WHEN OUR CLIENTS THRIVE, OUR PORTFOLIO DOES TOO.”
ALEXANDRIA WISE
EXECUTIVE DIRECTOR, CEDS FINANCE
COMMUNITY RECOGNITION
COMMUNITY RECOGNITION
EXPANDING RURAL REACH IN FORT MORGAN
EXPANDING RURAL REACH IN FORT MORGAN
Celebrating local organizations that make a meaningful impact, we were proud to join the Fort Morgan Somali Community Association for their Community Appreciation Event. CEDS Finance was honored to receive a Certificate of Recognition for our work supporting entrepreneurship and job creation. Thank you to the Somali community for this recognition and for allowing us to be part of your journey.
Over the past year, we have expanded our services to rural areas like Fort Morgan and Greeley, where we now support 29 inspiring businesses. Murabahas comprise 93% of our Weld and Morgan County portfolio with $1.3M invested in Morgan and Weld Counties.
“WE TRULY APPRECIATE THIS EFFORT. EVERY MUSLIM SHOULD BE HAPPY
THAT AT LEAST WE NOW HAVE AN ISLAMIC-BASED FINANCING OPTION.
THIS IS SOMETHING WE HAVE BEEN LOOKING FOR, AND EVERY IMAM IS
CONSTANTLY BEING ASKED, ‘WHERE CAN WE FIND HALAL FINANCING?’
IT HAS BEEN A DIFFICULT TASK FOR US. THANK YOU TO CEDS FINANCE
FOR HELPING MUSLIM ENTREPRENEURS.”
SHEIKH SHAFI N. AZIZ
ISLAMIC OUT REACH CENTER OF COLORADO
TECHNICAL ASSISTANCE
TECHNICAL ASSISTANCE
TURNING CAPITAL INTO LASTING BUSINESSES
TURNING CAPITAL INTO LASTING BUSINESSES
CEDS Finance provides hands-on support to help entrepreneurs strengthen their businesses and access the capital they need through:
“I OWE A LOT TO CEDS FINANCE. THE
LOAN I RECEIVED WAS CRITICAL IN
STABILIZING MY BUSINESS WHILE
THINGS WERE REALLY JUST GETTING
STARTED.”
PETER REIN HIRSCHHORN
VOICE OVER ACTOR
15 YEARS OF IMPACT
15 YEARS OF IMPACT
BUILDING RESILIENT COMMUNITIES SINCE 2009
BUILDING RESILIENT COMMUNITIES SINCE 2009
Since 2009, CEDS Finance has worked alongside entrepreneurs who have historically been excluded from traditional financial systems. Through flexible capital, character-based underwriting, and hands-on technical assistance, CEDS Finance has helped small businesses start, stabilize, and grow—while creating jobs, strengthening families, and building more resilient local economies across Colorado and beyond.
For over a decade, we focused on building the foundation: refining our lending model, developing deep community partnerships, and proving that serving those who don’t have traditional access to capital isn’t just the right thing to do, it’s sound business. Our exceptionally low charge-off ratio demonstrates that character-based underwriting works when paired with meaningful support.
UNDER MANAGEMENT
RETAINED
ACROSS CEDS FINANCE’S
PORTFOLIO
B R E A K I N G B A R R I E R S
TOGETHER
BREAKING BARRIERS
TOGETHER
OUR PARTNERSHIPS
Strong partnerships are the foundation of community development. Our 57 referral partners help us reach entrepreneurs who might never find us on their own—business owners navigating language barriers, facing credit challenges, or seeking culturally aligned financing. Through strategic collaboration, we’ve built a network that ensures no entrepreneur falls through the cracks.
CEDS FINANCE 2ND ANNUAL PARTNER APPRECIATION EVENT
Top Training Partner
Denver SCORE provides expert mentorship
and training that prepares entrepreneurs
for success. Their volunteers offer critical
business planning support that helps
clients become loan-ready and sets them
up for long-term sustainability
Most Closed Deals
The Islamic Outreach Center has been
instrumental in connecting Muslim
entrepreneurs to Colorado’s only
Islamiccompliant lender. Their partnership has
helped us serve a community that has
long sought faith-aligned financing options.
Top Referral Partners
The Colorado Small Business Development
Center Network and the U.S. Small
Business Administration consistently
connect qualified entrepreneurs to our
flexible financing options, ensuring capital
reaches businesses that need it most.
TOP 10 REFERRAL PARTNERS
1. SBA
2. Colorado Small Business Development
Center (Colorado SBDC)
3. Mi Casa Resource Center
4. Montbello Organizing Committee (MOC)
5. Denver Economic Development and
Opportunity (DEDO)
6. Denver SCORE
7. Islamic Outreach Center of Colorado
8. Colorado Office of Economic Development
and International Trade (OEDIT)
9. B:Side
10. Alpine Bank
IN THE COMMUNITY
IN THE COMMUNITY
Building relationships through community engagement is central to our
work. CEDS Finance sponsors and participates in cultural celebrations across
Colorado, including our annual Iftar dinner with Muslim entrepreneurs, Lu-
nar New Year festivals, refugee gatherings, and Latino business expos. These
events connect us with the diverse communities we serve and reinforce our
commitment to culturally aligned access to capital.
CEDS FINANCE IFTAR DINNER BROUGHT TOGETHER 70
MUSLIM LEADERS, BUSINESS OWNERS, AND PARTNERS
AFRICAN COMMUNITY CENTER 19TH ANNUAL REFUGEE
THANKSGIVING
ADELANTE COMMUNITY DEVELOPMENT EMPRENDEXPO
EVENT
AURORA SBDC AND COLORADO ETHIOPIAN
COMMUNITY PRE-LOAN READINESS WORKSHOP
CEDS FINANCE CELEBRATED OUTSTANDING PARTNERS AT OUR ANNUAL PARTNER APPRECIATION EVENT, HONORING ORGANIZATIONS THAT GO ABOVE AND BEYOND IN SUPPORTING SMALL BUSINESS OWNERS.
FROM POLICY TO PRINTING :
HOW CORAZÓN PRINTING IS BUILDING
POWER THROUGH COMMUNITY
FROM POLICY TO PRINTING :
HOW CORAZÓN PRINTING IS BUILDING
POWER THROUGH COMMUNITY
For Ana Cristina Temu Otting, the story of Corazón Printing begins with her parents.
Her father immigrated to the United States from Mexico as an economic refugee. Her other fled genocide during the Guatemalan Civil War. Growing up, Ana witnessed the instability and fear that undocumented families live with every day. In high school, a presentation by the Colorado Immigrant Rights Coalition gave her language for what her family was xperiencing and a direction for how she wanted to respond.
Over the next fifteen years, Ana worked in immigration policy and advocacy at the national and state levels. After years of fighting deportation cases and policy attacks, Ana started Corazón Consulting in 2023 with a client focus of candidates, nonprofits, and government agencies. She quickly noticed a common need among her clients. They all needed printed materials, and many preferred to work with union print shops because of what unions represent: fair wages, benefits, and equitable working conditions.
At the time, Colorado only had two unionized print shops. Turnaround times were long, and capacity was limited. “It took me five months to get 250 business cards,” Ana said. “I thought, I can hit print, and I know how to help a company unionize.”
With one thousand dollars and two printers from Facebook Marketplace, Corazón Printing was born.
The barriers came quickly. Realtors insisted on working with her husband instead of her. Banks showed little confidence in a young business led by a woman of color. One bank refused to let her open a checking account. Without access to lines of credit, Ana had to buy every machine in cash. She liquidated savings, tapped her 401(k), and took out a home equity line of credit to keep the business moving.
A critical turning point came through CEDS Finance.
One of Corazón Printing’s fastest growing service lines is mail, including political and nonprofit mailers. To scale that work, Ana needed a mail inserting machine that could automate production. Traditional lenders were unwilling to take that risk. CEDS Finance stepped in.
“The loan from CEDS is the reason we were able to automate mailing,” Ana said. “It opened us up to more business and changed the game for an integral part of our operation.”
Today, Corazón Printing is a woman-of-color owned, union print shop serving unions, nonprofits, advocacy organizations, and political campaigns across Colorado. Clients include labor unions, immigrant rights organizations, reproductive justice groups, and nearly every recent Democratic state legislative candidate. In its first ten months, the business reached one million dollars in revenue, driven by trust from community partners.
That impact was recognized in 2024 when Ana was named one of the Colorado Women’s Chamber of Commerce Most Powerful Women in Business. For her, the award felt less like an ending and more like a beginning.
“It solidified that the American dream still exists,” she said. “I want other women to see that you do not have to give up your values to build a successful business.”
“THE LOAN FROM CEDS IS THE REASON WE
WERE ABLE TO AUTOMATE MAILING,” ANA
SAID. “IT OPENED US UP TO MORE BUSINESS
AND CHANGED THE GAME FOR AN INTEGRAL
PART OF OUR OPERATION.”
Looking ahead, Corazón Printing is exploring a larger facility with support from local government partners. Large corporate banks that once turned her away are now competing to finance the company’s growth. Long term, Ana envisions a Corazón campus with expanded production capacity and an apprenticeship program to bring more women into the printing industry.
Ana’s journey reflects what happens when values driven entrepreneurship meets access to capital. With support from CEDS Finance, Corazón Printing is breaking barriers to financing and representation while building businesses that strengthen Colorado’s communities.
FINANCIALS
FINANCIALS
2025
CEDS Finance experienced a net loss of (-$970K) in fiscal year 2025,
which was due to revenue recognition timing. It received verbal grant
approvals from three funders totaling $1.1M in September 2025, however
official grant award letters were provided after fiscal year end and will
be recognized in fiscal year 2026.
| Statement of Financial Position | |
|---|---|
| Total Assets | $12.9M |
| Outstanding Borrower Receivables
(on balance sheet)
|
$5.4M |
| Total Liabilities | $9.2M |
| Total Net Assets | $3.8M |
CLIENT SUCCESSES
CLIENT SUCCESSES
HAYLII VILLALOBOS, PINE CONSTRUCTION
HAYLII VILLALOBOS, PINE CONSTRUCTION
When Haylii Villalobos looks back at the early days of Pine Construction, she is struck by how much has changed. The company began in 2018 as a small weekend residential side
project for her husband Jose, with 25 years of concrete experience.
During the pandemic, Haylii’s own beauty business shut down, her family welcomed a new baby, and Jose traveled out of state for work. In 2022, Haylii made a decisive shift and joined Pine Construction full time. Although Jose knew concrete extensively, running a construction company required learning insurance, accounting, cash flow management, and navigating long payment timelines. “You think if you are good at your craft, the work will just come,” Haylii said. “But construction is really a relationship business.”
A critical relationship came through Adelante Community Development, which referred Pine Construction to CEDS Finance when the business needed capital. In 2023, Pine Construction received its first CEDS loan to purchase equipment and establish formal credit history.
As the business grew, CEDS approved a second loan to provide working capital and refinance high-interest debt, giving the company stability during a pivotal growth period. “That first loan gave us more than equipment,” Hayliisaid. “It gave us credibility.”
With a strong repayment history and trusted industry partnerships, Pine Construction has since expanded into larger infrastructure projects and secured a line of credit from a traditional bank. Today, they are pursuing new opportunities across Colorado, demonstrating how access to patient capital and the right support can turn a side project into a sustainable, growing business.
“That first loan gave us more than
equipment. It gave us credibility.”
HAYLII VILLALOBOS
OWNER, PINE CONSTRUCTION
FY25
INVESTORS
FY25 INVESTORS
CEDS Finance extends deep gratitude to all of our supporters. Investment in small business diversity ensures economic empowerment and economic justice for the marginalized communities we serve.
LOAN FUND
INVESTORS
Alpine Bank
Anonymous
Colorado Health
Foundation
Colorado Housing and
Financing Authority
Department of Local
Affairs
Kenneth King Foundation
Small Business
Administration
The Dakota Foundation
The Denver Foundation
United Business Bank
Women’s Foundation of
Colorado
$1M+
Small Business Administration
(SBA)
$500K+
The Denver Foundation
$100K+
Alpine Bank
Colorado OEDIT
Key Bank
Scale Link
$50K+
Kenneth King Foundation
Wells Fargo
$20K+
Banc of California
Department of Local Affairs
Huntington National Bank
SouthState Bank
The Colorado Trust
$10K+
Bank of America
Capital One (in-kind)
Colorado Housing and Financing
Authority
Credit Builder Alliance
FirstBank
$1K+
Anschutz Family Foundation
CrossFirst Bank
Encore Bank
Jonalyn Denlinger
PNC Bank
United Business Bank
Up to $1K
Amy Getzoff
Arlene Delgado
Camisha Lashbrook
Carrie Hanson
Colorado Gives Foundation
Debra Brown
Delta Dental of Colorado
Gwendolyn Young
Holly Gallegos
ImpactFolio
Jessica Sveen
John Palyo
Jorge Aburto
Kanitha Heng Snow
Karen Bartlett
Lesley Hildreth
Madeleine Venturi
Marie Peters
Mike Ramsey
Nicole Carner
Patrick Horvath
Ryan Flanders
Sarah Montgomery
Timothy Floyd
Tricia Allen
BOARD
OF DIRECTORS
BOARD
OF DIRECTORS
Jonalyn Denlinger
J Denlinger Consulting
Board Chair
Patrick Horvath
Center for Community Wealth Building
Board Vice Chair
Nicole Carner
Early Strategy Impact Companies
Board Secretary
Sarah Montgomery
Espire Dental
Board Treasurer
Jorge Aburto
Adelante Community Development
Arlene Delgado
Encore Bank
Timothy Floyd
Alpine Bank
John Palyo
CDFI Industry Leader
Marie Peters
B-Side Capital
William Hunter Railey
Colorado Dept. of the Treasury
Jessica Sveen
RMMFI
EXTERNAL
CREDIT
COMMITTEE
Kwami Akakpo
PNC Bank
Kaylene Alvarez
Athena Global
Ryan Flanders
Rocky Mountain MicroFinance
Institute
John Linton
Alliance Partners
Ashley McPhillips
Encore Bank
John Palyo
CDFI Industry Leader,
Board ECC Liaison
Lily Peabody
The Bail Project
Josh Peebles
Encore Bank
Anna Yezubenko
Key Bank
Clayton Street
Banc of California
Key Bank Bi-centennial Celebration Event (Aug 2025) where CEDS Finance was awarded a major grant to support our programs.
