Boulder County Small Business

COVID-19 Funding

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Description

Low-barrier, low-rate loans plus business coaching

Eligibility
  • Be a black-owned small business
Funding Amount

Loans between $1,000 and $50,000. 60-month term with 6-months interest only; maximum interest rate of 2.99% with flexible underwriting

Deadline to Apply

N/A

Description

This program provides technical assistance and small grants to Colorado small businesses to help businesses legally establish themselves. The program provides three training sessions and a small reimbursable grant of up to $1,200 per business to help apply the training. Businesses can take any of these training options. Businesses that are not yet legally established are encouraged to take the Legal Formation and Registration training before taking the other two training options. The three training options available are:

  • Legal Formation and Registration – helps you legally incorporate your business and access the benefits of training programs and grants from local and federal governments
  • Accounting and Finance – helps you create and learn to manage the accounting system for your business to be able to clearly report your company’s financial information to facilitate access to finance necessary to grow your business
  • Digital Marketing and E-commerce – helps you digitize your business to improve client relationships, increase the presence of your brand in the market, and create new opportunities to deliver your products and services
Eligibility
  • Any Colorado small business that want to be establish legally in Colorado
  • Small businesses in Colorado that want to create their basic accounting system, and incorporate digital tools to improve their reach and customer service
Funding Amount

After completing the training sessions, businesses may apply to receive a small grant award of up to $1,200 to reimburse for expenses related to that training and the installation of an accounting system and digital tools for the business.

Deadline to Apply

As a part of a pilot program, they will be accepting 50 businesses on a first-come, first-served basis.

Description

Lenders can apply for up to 25% or $250,000 (whichever is less) in collateral to support a business loan application. The program will deposit the agreed upon amount with the lender making the loan. The Colorado Housing and Finance Authority (CHFA) manages this program. Typically, CHFA looks to support businesses that will have a significant economic impact on the local community or state.

Eligibility
  • Principal place of business in Colorado
  • Less than 750 employees
  • Reasonable expectation that borrower will be able to repay the loan as agreed
Funding Amount

Credit enhancement of up to $250,000

Deadline to Apply

Rolling

Description

A pool of $250 million that will be used to induce small business lending through participating banks. Loans will be fully underwritten and borrowers will need to meet acceptable credit criteria.  Intended for use as working capital with some exceptions.

Eligibility
  • Principal place of business is in Colorado
  • 5 to 99 employees
  • Two consecutive years of positive cash flow within the last 5 fiscal years prior to Feb 29, 2020
  • A debt-service-coverage-ratio of at least 1:1 prior to Feb 29, 2020
Funding Amount

$30,000 to $500,000, 1 to 5 year terms, up to 1 year payment deferment, up to 20% balloon payment, interest rates ranging from 2.45% to 2.95%

 

The fund will provide credit enhancements to the lending institution to facilitate the loan.

Deadline to Apply

Until funds are exhausted

Description

This program consist of $7.5 million in funding to support arts, cultural and entertainment artists, crew members, and organizations affected by the COVID-19 pandemic. There will be two separate grant applications—one for individuals and one for businesses and organizations.

Eligibility

Businesses and Organizations

  • Open to for-profit, nonprofit and government organizations
  • Not required to own a physical venue, but operators of physical venues will be prioritized
  • Includes music venues, community theaters, galleries, art museums, radio stations and more
  • Primary business and revenue source must be related to the art form

Eligible Individuals

  • Artists, musicians, dancers, performers and crewmembers
  • Earn 33% or more of personal income through artistic endeavor
  • Incurred a loss of 33% or more in artistic income between 2019 and 2020
Funding Amount
  • Businesses and Organizations: Based on operating revenue loss (details TBD)
  • Individuals: Up to $2,500
Deadline to Apply

October 15, 2021

Description

The Colorado Community Revitalization Grant provides gap funding for projects in creative districts, historic districts, main streets or neighborhood commercial centers. This grant will support creative projects that combine creative industry commercial spaces, performance space, community gathering spaces, child care centers, retail and workforce housing partnerships for the purpose of economic recovery and diversification by supporting creative sector entrepreneurs, artisans, and community non-profit organizations.

Eligibility

Eligible projects will serve as a catalyst for a community’s commercial center. Can be new construction or renovation. Projects need to:

  • Be a creative mixed-use space that includes workforce housing units
  • Have a high level of community engagement in response to community needs
  • Show strong evidence of being able to attract additional sources of funding and broad support from local governments and surrounding communities or neighborhoods
  • Stimulate economic recovery and economic diversification
  • Demonstrate an ability to commence work within a reasonable amount of time
  • Meet basic energy efficiency standards
Funding Amount
  • Maximum of $5 million
  • Capped at 50% of total costs for projects over $100,000
Deadline to Apply

December 1, 2022

Description

This program has grants available for specific, definable projects that connect artists and organizations to local initiatives. Projects must have an organization or community partner.

Eligibility

A wide variety of projects are eligible, including virtual projects. Project must be tied to a specific impact area that meets a community objective.

Funding Amount

$2,500 to $25,000

Deadline to Apply

Cycle A: November 1, 2021
Cycle B: January 13, 2022

Description

This program will provide a rebate on certain costs associated with hosting an event in Colorado.

Eligibility
  • Event must be held in Colorado between July 1, 2021 and December 31, 2022
  • All events must generated at least 25 overnight stays in a hotel, motel, vacation rental or other lodging establishment
  • Personal events must also demonstrate a significant economic benefit for the host community
  • Other criteria will be established by the Colorado Tourism Office
Funding Amount

Funding amount is up to 10% of the hard costs for the event (excluding alcoholic beverages) and up to a 25% rebate for any COVID-19 related costs. Minimum hard cost award is $3,500 (eligible events must have at least $35,000 in hard costs) and the maximum is $100,000.

To ensure equitable distribution, funds will be distributed on a first-come, first served basis and a specific dollar allocation of funds will be made by county or region as defined by the program.

Deadline to Apply

Until funds are exhausted

Description

This is a loan program with amounts ranging from $5,000 to $750,000. Interest rates will vary with a targeted average interest rate of 4% and terms of up to 20 years.

Eligibility
  • Open to for-profits and non-profits from a wide variety of business sectors including outdoor recreation, tourism, food services, hospitality and creative industries
  • To the extent permitted by federal law, will consider USDA-certified hemp businesses and value-added hemp manufacturing businesses
  • Special focus on underserved groups which include: minority, Native American, immigrant, women, disabled, veteran-owned and businesses in low income and rural communities
  • Underwriting criteria may include non-traditional items such as character-based lending
Funding Amount

Principal amounts of between $5,000 and $750,000

Deadline to Apply

N/A

Description

For this program, grants will be awarded in amounts ranging between $1,500 and $10,000. The grant must be used to cover expenses that were not covered by other programs. The total grant amount can not be greater than the net financial loss the business experienced due to the COVID-19 pandemic from March 26, 2020 to the date of the application.

Eligibility

To be eligible for this grant, your business needs to:

  • Have been in existence as of January 1, 2020
  • Still be in operation in Colorado
  • Have at least one full-time employee, which can be the business owner
  • Show at least 20% income loss since March 26, 2020 (compared to the prior year) as a result of the COVID-19 pandemic
  • Have received less than $20,000 in federal or state loans and grants under the CARES Act
  • Meet at least one of these criteria:
    • Have five or fewer employees, including the business owner
    • Be a minority-owned business
    • Be a business located in an economically distressed area (opportunity zone, enterprise zone, or historically underutilized business zone)
    • Business owner is located in an economically distressed area (opportunity zone, enterprise zone, or historically underutilized business zone)
    • Have a business owner that has low or moderate income (less than $76,000 per year)
    • Have a business owner that has low or moderate personal wealth based on household net worth
    • Have a business owner that has had diminished opportunities to access capital or credit

Ineligible businesses include:

  • Short-term lodging businesses such as AirBnB rentals
  • Non-profit organizations
Funding Amount

$1,500 to $10,000

Deadline to Apply

Round 1 is now closed (as of October 3) but a second round is expected to open in late October.

Description

This program has grants of up to $25,000 for organizations serving a population of under 25,000 and up to $50,000 for organizations serving a population of over 25,000.

Eligibility

The primary functions and activities of the organization must be focused on economic development – examples include:

  • Accelerators or incubators
  • County, municipal, regional or public/private economic development organizations
  • Chambers of commerce
  • Councils of governments with economic development staff


This is a competitive grant and applicants will need to respond by completing an application that will be graded by a selection committee.

Funding Amount

Up to $50,000

Deadline to Apply

October 1, 2021

Grants will be awarded in November.

Description

Energize Colorado received $15 million from the State of Colorado. These funds will be distributed to applicants who previously applied but did not receive grants due to the program’s lack of funding. The program has reported that it has $85 million in unfunded requests.

Eligibility

Previous applicants

Funding Amount

Up to $15,000 in grants and $20,000 in low interest loans

Deadline to Apply

N/A – Must have applied previously

Description

Qualified retailers may deduct the lesser of his or her state net taxable sales amount, or $70,000 each month in July, August and September of 2021 from his or her calculation of taxes due for the month. The qualified retailer gets to retain the sales tax collected on this amount for use in his or her business. With the current state sales tax rate at 2.9%, a qualified retailer could retain up to $2,030 each month ($70,000 * 2.9% = $2,030).

Eligibility
  • Must be properly licensed
  • Must file sales tax forms in a timely manner
  • Each retailer may claim this assistance for up to five physical locations
Funding Amount

Based on taxable sales each month — may not exceed $2,030 in any month

Deadline to Apply

Must file in a timely manner in each month

Description

Grants will be provided to businesses that establish new operation in designated rural communities.

Eligibility

Details are expected to be announced in August. These counties are currently rural jump-start zones:

  • Archuleta
  • Clear Creek
  • Delta
  • Dolores
  • Las Animas
  • Logan
  • Mesa
  • Moffat
  • Montezuma
  • Montrose
  • Otero
  • Prowers
  • Rio Blanco
  • Routt
  • San Juan

These counties are designated as economically distressed. They are eligible to be rural jump-start zones, but they have not yet applied to the program:

  • Alamosa
  • Baca
  • Bent
  • Cheyenne
  • Conejos
  • Costilla
  • Crowley
  • Cyster
  • Fremont
  • Hinsdale
  • Huerfano
  • Jackson
  • Kiowa
  • Kit Carson
  • Lake
  • Lincoln
  • Mineral
  • Morgan
  • Phillips
  • Pueblo
  • Rio Grande
  • Saguache
  • Sedgwick
  • Washington
  • Yuma
Funding Amount

Up to $40,000 or $5,000 per new hire

Deadline to Apply

Rolling

Description

This program consists of $4 million in funding for grants and loans within the Office of Economic Development and International Trade (OEDIT). Although full policies have not been announced, the State has hired a director for the program and a website is expected to go live in July.

Eligibility

TBD

Funding Amount

TBD

Deadline to Apply

Applications are scheduled to open in the fall.

Description

This program provides $40 million to small businesses seeking capital to start, restart or restructure a business. Loans and small grants will be made available through a host of lenders that work in communities throughout the state. OEDIT will work with community partners to reach underserved entrepreneurs and small businesses owners.

Eligibility

Details forthcoming

Funding Amount

Details forthcoming

Deadline to Apply

Applications are scheduled to open at the end of 2021.

Description

This program provides $900,000 to support technical assistance for businesses that have been disproportionately impacted by the COVID-19 pandemic.

Eligibility

Details forthcoming

Funding Amount

Details forthcoming

Deadline to Apply

Applications are scheduled to open in late 2021.

Description

This program provides $1 million for loans to small businesses that have been disproportionately impacted by the COVID-19 pandemic.

Eligibility

Details forthcoming

Funding Amount

Details forthcoming

Deadline to Apply

Applications are scheduled to open in late 2021.

Description

This program provides loans of up to $10,000 to Colorado business owners transitioning their business to employee-owned (offering 20% or more employees ownership in the business) and to groups of employees purchasing an existing Colorado business to become employee-owned.

Eligibility

Details forthcoming

Funding Amount

Details forthcoming

Deadline to Apply

Applications are scheduled to open in late 2021.

Description

This program will be housed within OEDIT and will provide development support to businesses with 19 or fewer employees. Businesses selected into the program will have one year to use the support offered by the program and may receive a monetary grant upon completion of the program.

Eligibility

TBD

Funding Amount

TBD

Deadline to Apply

Applications are scheduled to open in September.

Closed

Colorado Creates Grant

Need help?

The SBDC has consultants available to answer your questions about COVID funding programs and help walk you through the applications. Request a virtual appointment below.

I'M NEW TO THE SBDCI'M AN EXISTING SBDC CLIENT

The COVID funding webpages have been created through a partnership between the Boulder SBDC and Boulder County Commissioners’ Office.

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ALERT!

DUPLICATION OF BENEFITS

Most of these programs have specific criteria on the allowed uses on any funds distributed. Businesses are advised to pay careful attention to these criteria. In addition, almost all programs do not allow a business to use funds from more than one program for the same expense or loss of revenue. This is known as “double-dipping” and may result in a demand for return of the funds along with penalties and interest.