SMALL BUSINESS LENDING, VC INVESTMENTS.

Thanks to the number of telecom companies here, Colorado venture capitalists tend to fund Communications most, then Software & Information -- a departure from the national norm, which tends to fund software companies, including Internet, before communications, according to Don Keller, spokesman

"Colorado was a state in our district that was a little ahead of other states in the district in terms of consolidation. It's a little unique. Since there is a consolidation going on, it might give an idea of what the rest of the district might do over time."

Richard Sullivan, an economist in the division of banks supervision and structure at the Federal Reserve in Kansas City, on why the reserve chose Colorado for a 1996 study on bank trends.

"Software is more prone to people costs," Keller said. And: "There's more need for capital investment in communications than in software."

                 TOP 10 U.S. SMALL BUSINESS ADMINISTRATION
                      LENDERS IN COLORADO, FY '99 [*]
                         Loans       Gross
Lender                  Approved  SBA Dollars
Wells Fargo/Norwest        91    $17.6 million
VectraBank, Colorado       71    $15.7 million
Premier Bank               63    $19.1 million
First Union/Money Store    50    $27.6 million
U.S. Bank                  35    $16.1 million
Bank One                   33     $5.1 million
Transamerica               32    $13.1 million
Keybank, Colorado          31     $8.4 million
Newcourt Small Business    27    $14.2 million
Matrix Capital             24    $14.1 million
(*.)Ended Sept. 30
Source: U.S. Small Business Administration
                            WHERE THE LOANS GO
           SBA Lan   Approved Gross
County    Guarantees  SBA Dollars
Denver       148     $45.3 million
Arapahoe     126     $44.9 million
El Paso      111     $38.9 million
Jefferson     83     $24.8 million
Boulder       57     $16.4 million
Adams         56     $16.7 million
Douglas       55     $16.5 million
Larimer       28      $9.8 million
Summit        18      $6.0 million
Weld          18      $8.0 million
Pueblo         3      $1.2 million
Source: