Business Funding Options
We are working to provide up-to-date grant and loan options available to small businesses. On this page you will find:
Energize Colorado Gap Fund
The Energize Colorado Gap Fund will provide more than $25 million in small business loans and grants to boost small businesses impacted by COVID-19. Sole proprietors, businesses and nonprofits with less than 25 full-time employees can apply for up to a $15,000 grant and a $20,000 loan for a possible combined total of $35,000 in financial assistance.
The fund opened applications on August 31. Applications and awards will be done in rounds to be able to provide assistance through December 2020. The process will not be first-come-first-serve, it will be a competitive process that will help those in need receive priority access to assistance. Applicants are encouraged to be thoughtful in their responses as not all applications are guaranteed approval.
To qualify, you must be either a small business/enterprise or nonprofit, have fewer than 25 employees, and be impacted by COVID-19. Priority will be given to the following applicants:
- Majority-owned by black, indigenous, people of color, veterans, or women
- In rural areas with a population of less than 50,000 people
- In the tourism sector
- With limited or no access to capital financing or other federal, state or local grants/loans
We recommend you gather these documents to show how you have been impacted by COVID-19: bank records, profit and loss statements, tax filings, and expense receipts.
SBA Economic Injury Disaster Loan
The SBA’s Economic Injury Disaster Loan (EIDL) program provides small businesses with targeted, low-interest, working capital loans of up to $2 million in order to provide vital economic support and to help overcome the temporary loss of revenue they are experiencing. Business owners need to start tracking business losses as soon as possible on page 27 of the Business Recovery Guide — utilizing the Business Recovery Guide is very important.
- The SBA put together a presentation to explain the loan program and answer common application questions.
- The Colorado Office of Economic Development & International Trade has an Economic Injury Hotline (303-860-5881), email and website to assist you in this process.
- The U.S. Chamber of Commerce Guide to SBA's Economic Injury Disaster Loans
We strongly recommend contacting your local bank to apply.
SBA PAYCHECK PROTECTION PROGRAM
The Paycheck Protection Program (PPP) prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses under the CARES Act. Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount. If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination. Contact your local bank to apply. Here’s a checklist of the financial information that will be needed and a sample application.
Paycheck Protection Program Loan Forgiveness Application
The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
Non-Profit Funding Options
Alternative Funding Sources
The Colorado Office of Economic Development and International Trade has created a COVID-19 Small Business Alternative Funding resource. Explore the 100+ options available to Colorado small businesses. Resources are sorted by funding type, industry and county. We recommend downloading the document and sorting it by county first and industry second to find options applicable to your business. Remember to check back, as this sheet is updated daily.