State Rolls Out New Funding Program for Small Business

As small businesses continue to rebound from the economic shutdown, another funding program introduced on Monday is providing $25M in small business loans and grants to boost small business enterprises.

Energize Colorado, alongside the State of Colorado and the Colorado Housing and Finance Authority, are now accepting applications for grants and loans through the Energize Colorado Gap Fund.

Small businesses with fewer than 25 full-time employees can apply for support through a mixture of grants and loans, up to a maximum of $15,000 in grants and $20,000 in loans for a possible combined total of $35,000 in financial assistance.

Gap fund applications will also be open to non-profits that directly support small business, economic development or tourism activities.

The application 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. The Small Business Development Center recommends applicants “provide a thorough backup to demonstrate the financial hardship caused by COVID-19. Spend time to write a thoughtful and compelling narrative for why your business meets the eligibility criteria.”

Energize Colorado explains what priority will be given to applicants:

  • Who are 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

You can find all the information for the Gap Fund, including information on a mentoring program to assist in filling out this application (including translation) here.

The Gap Fund, as well as Weld and Larimer County resources can be found at NoCoRecovers.com