After surviving the pandemic, business owners in Colorado realized the importance of accessing capital.
From family-owned convenience stores to multinational corporations, everyone needs business loans to adapt and grow.
At Camino Financial, we want this article to be your one-stop guide to point you to all types of solutions so you can continue to serve your business needs. We’re here to help guide you through the financing process.
Whether you’re looking to take advantage of a relief loan or grant, take out a low-interest commercial loan, or extend a line of credit, there are options out there to help keep your company going strong.
|Table of contents|
|1. Small Business Loans in Colorado|
|2. Small Business Grants in Colorado|
|3. COVID Loans and Grants|
|4. Camino Financial can Help your Business Achieve Success|
Small Business Loans in Colorado
Loans are amazing tools that’ll allow you to strengthen your business. Many business owners think that getting a loan is a bad idea because they don’t want to get into debt, but the reality is that a loan can take your business to the next level.
If you use your loan well, you won’t go into debt.
You just need to make sure the return on your investment will be higher than what you have to repay. This will allow you to strengthen your business, even during the most difficult times.
Quick and affordable business loans
Your best option when it comes to getting the capital you need is Camino Financial. We can fund your business in Colorado and help you achieve your goals.
That is why we have created a financial product that adapts to your needs and your budget:
- Loan size: $5,000 to $400,000
- Annual interest rates: 12% to 40%
- Type of payment: monthly and fixed
- Time to pay: 24 to 60 months
- No prepayment penalty
- You can receive the cash in up to 2 days!
We are a commercial lender that seeks to help and strengthen the business community in Colorado, so with us, you can apply with an SSN or an ITIN.
Applying will not take more than 10 minutes and will not affect your credit.
Small Business Grants in Colorado
Before you take out a loan, explore ways to secure funds that you don’t need to repay, like grants.
Don’t just assume that there is nothing out there for you. The options are broad-ranging as far as who qualifies as well as what is paid out, and many are privately funded.
Search for your city’s relief resources on their government websites to find small business grants in Colorado specific to where you live.
While there are still some great options out there for small business grants in Colorado, searching for one tailored to your needs can be time-consuming, and the funds may be minimal. Even if you apply, you may not qualify for a grant that has expired or has run out of funds.
Other Loan Options
If you were unable to apply for a government loan or want to supplement what the SBA does not cover, consider Camino Financial, we offer small business loans in Colorado that are tailored to your specific needs.
We are the best credit option for your small business.
Whether you’re looking for a line of credit or need extra funds to pay off invoices, small business loans can be an extremely useful tool.
COVID Loans and Grants
As of today, most (if not all) COVID loans and grants have already been closed. We recommend you to research other options, like business loans.
Federal Relief Loan Options
- Paycheck Protection Program (PPP) This was one of the biggest loan programs ever created by the SBA. Companies could qualify for a PPP up to $10,000,000 with an interest rate of 1%.
- SBA Economic Injury Disaster Loan (EIDL) An EIDL through the SBA is a government-backed loan capped at $150,000. The main benefit EIDL offers is that the first $10,000 is treated as a grant. For more information on EIDL, check out our guide.
- SBA Express Bridge Loan The Express Bridge Loan had a max payout of $25,000 and includes businesses affected by COVID 19.
State Relief Loan Options
- Colorado Lending Source & KIVA 0% Interest Micro-Loan. Loans up to $15,000, with 0% interest, and without fees.
- Colorado Enterprise Fund Community Advantage Loan (SBA) for Small Businesses. SBA loans from $75,000 to $250,000.
- Colorado Housing Industry Small Business Loans. Loans from $15,000 to $250,000 with a fixed-rate.
Small Business Grants in Colorado
- Colorado Nonprofit Emergency Relief Fund. This grant provided financial aid to nonprofits in Colorado with a grant for up to $15,000.
- Small Business Emergency Relief Program (Denver) This program has already ended; it offered up to $7,500 in cash grants for small businesses that had financial problems due to COVID-19. Keep your eyes open in case there is a second round of this relief program.
Other than these grants, the Colorado Office of Economic Development links to relief programs ad resources on their website.
Camino Financial can Help your Business Achieve Success
By now, you should have the tools and resources you need to lead your company during this new normal. Simply knowing where to start can be the hardest part, that’s why we created this article.
It’s important that you leverage all of the financial tools at your disposal from small business grants in Colorado to relief loans.
We know you’ll do whatever it takes to make sure your company comes out on top, and we are here to help. At Camino Financial, our mission is to support owners like yourself and ensure that no business is left behind.
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Relief Loans and Small Business Grants in Colorado: FAQs
We want to make sure you know how to start back strong by ensuring you have all you need to keep your business running. Here are some of the most common FAQs we get from owners and aspiring entrepreneurs.
What do I need to fill out a small business loan application in CO?
You’ll need financial documentation including personal history, personal tax returns, resume, government ID, financial details, and projections, as well as information of other companies you may own.
There are additional requirements for the type of loan you may want as well.
What are the requirements to qualify for a loan besides the documentation?
It depends on the type of loan you want to access.
SBA government-backed loans have stricter requirements than those from private entities. For example, they typically have higher credit score requirements and usually need to be established for years to qualify. Some businesses are also ineligible, such as real estate investors and insurance agencies.
While non-government options do have credit history guidelines, they are usually more flexible than SBA products. A past bankruptcy, being a new company, or having a less than ideal credit score isn’t always a dealbreaker.
How do I register a company in CO?
If you’re thinking of starting a business (or if a loan requires your existing business to be registered), you can do it through the Colorado Secretary of State here. This resource also provides a checklist of what you need to get started.
Do I need a business license in CO?
Obtaining licenses is an essential step once you’ve started a company.
It is essential to be aware of the regulatory requirements in Colorado, and simply being registered does not mean you won’t need to navigate the legalities of licensure. They are required for many types of businesses and standard operational practices. If all of this seems complicated, don’t worry, we put together a helpful guide on how to obtain a license.