Grant and Loan Program Launches
Newsroom El Comercio de Colorado
The Energize Colorado Gap Fund will provide more than $25M in small business loans and grants to boost small businesses that are the economic engines throughout the state. Colorado sole proprietors, small businesses and nonprofits with less than 25 full-time employees can apply for up to $35,000 in financial assistance. Both loans and grants are available.
Anyone eligible is welcome to apply. Preference will be given to small enterprises majority-owned by minorities, women or veterans, and/or those located in rural areas. Those who have not received funds from other federal, state or local assistance programs such as the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP) are also preferred.
“This program seeks to help small businesses struggling to operate due to not receiving any other type of financial support,” said Rosy Aburto with the Colorado Office of Economic Development and International Trade (OEDIT). This assistance is provided by a partnership between the OEDIT, the Economic Development Commission, the Colorado Housing and Finance Authority, Energize Colorado Gap Fund, and community and nonprofit lenders around the state.
How to Apply
The start date to accept applications is yet to be announced. Presently, interested parties should visit the Energize Colorado Gap Fund Website to familiarize themselves with the program requirements. Registration is available to receive notifications about the program.
Businesses should also begin gathering documents demonstrating the negative effects that COVID-19 has had on their businesses. Useful documents include bank records, point of sale receipts, profit and loss statements, and tax filings.
Meanwhile, interested parties can receive guidance before applying through Energize Colorado’s mentoring program that assists in filling out this application. Translations are available online.
- Up to $15,000
- Repayment not mandatory
Up to $20,000 loan
0-4 months payment deferment
From 5-12 months: 1%
After 12 months: 1.5%
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