CLIMBER Loan
Foothills Art Center
What CCEF
Financed
Solar
Insulation
New windows
LED lighting
Heat Pump HVAC units
“We appreciate the support and flexibility offered by the CCEF team. Unlike traditional lenders, it’s been a situation where we were able to move forward with a lower interest rate [and] favorable terms.”
– Sherry McEachran, Finance Director of Foothills Art Center
About the Project
Project investment: $500,000
Location: Golden
Project Measures:
- Solar
- Insulation
- New windows
- LED lighting
- Heat pump HVAC units
Key terms:
- CLIMBER Loan: Colorado Loans to Increase Mainstreet Business Economic Recovery (CLIMBER) is a statewide program that provides up to $250 million in working capital loans to Colorado small businesses through 2024.
The Story
Foothills Art Center, established in 1968, has long been an artistic hub for the residents of Golden and the western Denver metro region. Determined to meet the community’s needs, they worked with the city of Golden to rehabilitate the historic Astor House just a few blocks from their original home. Built in 1867, the Astor House is one of the oldest buildings in Colorado and sat vacant for nearly eight years until the art center’s renovation began to transform it into a thriving gallery space and community hub. The new building doubles the size of Foothills Art Center with a space in the heart of downtown to attract thousands to see creative exhibitions and experience engaging programming for learners of all ages.
“Our mission is to create community through art,” said Sherry McEachran, Finance Director of Foothills Art Center. Foothills Art Center aspires to be a beacon for the locals of Golden, the wider Denver metro area, and visitors from near and far. By showcasing exhibitions and providing artistic experiences, they aim to foster connections and inspire creativity.
To bridge the financial gap of their $4.2 million renovation, Foothills Art Center saw the opportunity to use CCEF’s 30-month CLIMBER (Colorado Loans to Increase Mainstreet Business Economic Recovery) Loan. The project includes major renovations to the two inefficient historic buildings (both the Astor House and the original Foothills Art Center building) with multiple clean energy measures, including clean energy generation through solar, insulation, new windows, LED lighting, and heat pump HVAC units.
Through the guidance of Connie at the Impact Development Fund, they discovered a loan that best fit their needs for this exciting endeavor. The CLIMBER loan offered them the financial support they needed to bring their vision to life, with a short-term loan at low interest rates, and a team guiding them every step of the way.
“We appreciate the support and flexibility offered by the CCEF team,” said Sherry. “Unlike traditional lenders, it’s been a situation where we were able to move forward with a lower interest rate [and] favorable terms.”
The renovations also include making the Astor House mobility-friendly so that Foothills Art Center can open its doors to everyone. Sherry expressed how excited the team was to transform a dormant building into a vibrant space free for everyone to enjoy.
An asset for the community for over 55 years, Foothills Art Center, continues to provide art and culture opportunities for those who visit and will continue to bring the community together through the arts for years to come.
Image Source: Foothills Art Center
