We are working to provide up-to-date grant and loan options available to small businesses. On this page you will find:
SBA Economic Injury Disaster Loan
On March 19, Governor Jared Polis announced Colorado's application for federal disaster area designation has been approved. The SBA Economic Injury Disaster Loan application is now open to Colorado business owners and non-profits that have been severely impacted by the Coronavirus (COVID-19).
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. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. Under this program:
- 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.
- Loan payments will be deferred for six months.
- 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.
Economic Injury Disaster Loan vs. Paycheck Protection Program
Businesses can get both EIDL and PPP loans at the same time, but cannot use the funds for the same expenses/purposes. EIDL loans can be refinanced into a PPP loan. Loans are limited to one per Taxpayer Identification Number. Click the link below for a side by side comparison of the two programs.
Local Banking Relief Programs
Local banks have been and will continue to be at the ready to support business owners and residents with financial inquiries and decision making.
- Learn more about what Alpine Bank is offering customers.
- Learn more about what Mountain Valley Bank is offering customers.
- Learn more about what Yampa Valley Bank is offering customers
Non-Profit Funding Options
Additonal Funding Options
Facebook Small Business Grants
Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where they operate. This grant is set up to help with workforce costs, rent costs, help you connect with customers, and cover operational costs. Click here for more information and to sign up for updates.
We will continue to update this page with loan and grant opportunities as they become available.