Grant/Loan Combinations Help Businesses

Originally published in Colorado History NOW, January/February 2008

The 1909 Rockmount Ranch Wear Building in lower downtown Denver, home to the Weil family’s clothing manufacturing business since 1946, was showing wear and the effects of outdated remodeling.  So the Weils decided to restore their building to its original character and reposition their business to reflect the changing LoDo neighborhood.

Their strategy got a boost in the form of a revolving loan of $355,000 from the Colorado Historical Foundation and grants totaling more than $200,000 from the Colorado Historical Society’s State Historical Fund.

“The combination of grants and the low-interest loan allowed us to re-invent ourselves,” said Steve Weil, Rockmount’s third-generation president.

The Prairie-style commercial building at 1626 Wazee Street now has a carefully restored exterior, as well as a rehabilitated interior that accommodates the Weils’ new business plan.  New retail space and a western-wear museum, as well as leased space and new basement parking, help generate income for the business that allows it to continue to thrive in its historic home.

“Revolving loan funds are a great resource for stewards of historic properties,” said Lane Ittelson, executive director of the Colorado Historical Foundation.

All State Historical Fund grant recipients may apply for the loans, including nonprofit and public entities, private individuals, and for-profit owners.  These short-term loans are available with below-market fixed rates, and repayment schedules are flexible.  More than $2 million in loans has been approved since the program’s inception in 2003.

“The loan funds can be used for any costs eligible for funding by the State Historical Fund,” said Alyson McGee, public outreach coordinator for the State Historical Fund.  “They are a good way to supplement grant funds when restoring or rehabilitating a designated historic property.”

The Skerritt House, historic home of one of Englewood’s founders, was rehabilitated in 2005 by Colorado Preservation, Inc. (CPI), a nonprofit organization, using a $200,000 Foundation loan and nearly $300,000 in grants.  The property was resold and the loan repaid.

“Skerritt House was our first go at buying a historic building and rehabbing it with the intention of reselling,” said Mark Rodman, executive director of CPI.  “It worked great because the combination of the low-cost loan and the grants kept us within our budget.  It’s a new way to save historic resources.” Rodman said CPI intends to use the loan-grant combo approach on future historic preservation projects.

For more information about the loan program, contact Lane Ittelson at the Colorado Historical Foundation, 303/894-2503, or visit www.cohf.org.

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