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.
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