Earlier this year, we faced the beginning of a pandemic, which resulted in a catastrophic shutdown that impacted all levels of the economy. We’ve indeed seen everything from family-owned convenience stores to multinational corporations turned upside down as they struggle to navigate this new normal.
Perhaps you’ve had to downsize, liquidate assets, furlough employees, or have simply been scraping by with as much grit and determination as you can muster to provide for your family.
But you’re still here, and you’ve got a business to run.
Have you leveraged all funding sources at your disposal? Have you considered relief loans or small business grants in colorado?
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.
Beyond this, you need to consider what options are specifically available for you here in Colorado. Besides federal and state benefits and other financial products, there are local small business grants in Colorado and resources available that you may be unaware of.
|Table of contents|
|1. Small Business Grants in Colorado
2. Small Business Relief Loans in Colorado
4. Camino Financial can Help your Business Achieve Success
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.
State Level Small Business Grants in Colorado
As of right now, there is only one Colorado-only grant that is available:
Colorado Nonprofit Emergency Relief Fund
This grant provides financial aid to nonprofits in Colorado with a grant for up to $15,000.
You can apply for a relief grant through the city of Denver. Although the initial round of funding has expired, you can get on the list through Aug 7 for round two of funding. There will be a third round of funding too.
Other than this, there aren’t any other specific government-sponsored grants for owners in the state of Colorado. However, the Colorado Office of Economic Development links to relief programs on their website under their COVID-19 resource center. Among their recommended partners is Energize Colorado, which is a nonprofit network of investors and volunteers providing relief through grants as well as financial products.
Denver Small Business Grants
Small Business Emergency Relief Program
The Small Business Emergency Relief 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.
Business Grants for Other Colorado Localities
Search for your city’s relief resources on their government websites to find small business grants in Colorado specific to where you live. Many will link to the state site, but there are localities with small business grant programs.
There are still some great options out there for small business grants in Colorado, but 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.
- Adams County Small Business Stabilization Program (Adams County) Grants starting at $1,000 and up to $35,000. Call 720.523.6200 or email [email protected] for more information.
- Northglenn Business Improvement Grant (Adams and Weld County) Grant of up to $12,500 for exterior improvements.
- Northglenn Business Utility Assistance Grant (BUAG) (Adams and Weld County) Grant of up to $13,750 for water, wastewater, and stormwater system upgrade costs.
- Glendale Small Business Interim Relief Program (Arapahoe County) Grants of up to $2,000.
- Town of Superior Small Business Emergency Relief Grant (Boulder County) Grants of $5,000 or $10,000.
- Enhance Broomfield (Broomfield County) Grants of up to $7,500.
- Parachute Business Interim Relief Program (Garfield County) Grants of up to $2,000.
- Grand County & Grand Foundation Emergency Small Business Assistance Fund (Grand County)
- Town of Crested Butte Small Business COVID-19 Relief Program (Gunnison County) Grants up to $2,500.
- CARES Act Emergency Grants Funding (Jefferson county) Grants from $5,000-$10,000.
- City of Montrose Cooperative Marketing Grants (Montrose County) Grants up to $1,000.
- Ridgway Business Grants (Ouray County) Grants up to $350 for personal protective equipment.
- Greeley Area Recovery Fund (Weld County) Grants up to $5,000.
Small Business Relief Loans in Colorado
Next, we’ll discuss what you can do to obtain funds through loan relief.
While the products with the most benefits are coming through the government-backed options, there are ways that banks and alternative online lenders are helping to bridge the gap.
Federal Relief Loan Options
Paycheck Protection Program (PPP)
As of Jun 30, the Federal government extended access to PPP through Aug 8. Companies can qualify for up to $10,000,000, and the interest rate is 1%. The loan can be partially or entirely forgivable.
This is likely the most important financial tool at your disposal in these unprecedented times. We’ve put together a helpful and easy to use guide which goes through everything you need to qualify and where you can apply.
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.
Businesses can use it to cover various costs, including purchasing, operational expenses, and to cover the debt. For more information on EIDL, check out our guide.
SBA Express Bridge Loan
This loan has a max payout of $25,000 and includes businesses affected by COVID 19. Bridge loans help cover immediate costs to help companies stay afloat. There are limitations to who can apply, so check the Colorado Office of Economic Development’s resources page for details on the SBA Express Bridge Loan.
Other Colorado Relief Loans
While there are many alternatives from national banks, these options are exclusive for Colorado small business owners:
- 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.
Other Loan Options
If you are looking to supplement what PPP or EIDL doesn’t cover (or if you weren’t able to apply for these government loans), consider a private product through a bank or reputable online lender. Whether you’re looking for a line of credit or need extra funds to pay off invoices, small business loans can be a helpful tool.
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 a license or 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.
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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