Colorado businesses and nonprofits with fewer than 25 full-time employees that have been affected by the COVID-19 pandemic will be able to apply for up to $35,000 in grant and loan money through a new public-private fund. The Energize Colorado Gap Fund will provide more than $25 million in small business loans and grants to boost small business enterprises that are the economic engines throughout the state. Applications will be accepted starting Monday, August 31.
Applicants can apply for a maximum of $15,000 in grant money, which will come from the CARES Act funds, and for up to $20,000 in low-interest loan money if they meet the criteria.
Awards will be provided in phases rather than first-come, first served to ensure equal access.
Preference will be given to underserved small businesses including majority-owned by minority, women or veterans, those located in rural areas of the state, and businesses that have not been successful in pursuing and/or receiving funds from other federal, state and local assistance programs such as the Paycheck Protection Program.
Who is Eligible?
Small Businesses/Enterprises — Colorado sole proprietors and registered small businesses including LLCs, S-Corps and other business types.
Nonprofits — Colorado nonprofits whose mission and/or programs directly support economic development, small businesses, or tourism.
Fewer than 25 employees — Applicants must have fewer than 25 full-time equivalent (FTE) employees. An employer may use its off-season employee count.
Impacted by COVID-19 –- Applicants must be able to show the economic hardship their business is facing due to the COVID-19 pandemic. The business’s story of hardship plus documents such as bank records, point of sale receipts, profit and loss statements, or other documents can be used to show economic harm.
How to Apply
Beginning Monday, August 31, 2020 this web page will host the application. There is information you’ll need to apply. Start gathering that information now.
Gather documents that show how you have been impacted by the pandemic. For example:
- bank records
- point of sale receipts
- profit and loss statements
- tax filings
- expense receipts
Energize Colorado will provide a mentoring program to assist in filing this application including translation. If you have reviewed the information available online and still have questions, please reach out to our technical assistance team for help.
For more help, you can call 1-800-471-0628 (7 days a week 6 a.m. to 6 p.m.) or e-mail GapFundSupport@energizecolorado.com.
“Colorado small businesses are the backbone of our economy, and supporting them is critical for our state’s recovery,” said Rep. Mary Young, D-Greeley.
“I’ve heard from so many hardworking Coloradans in Greeley and in Weld County who need just a little help to make it through this crisis. That’s why we worked quickly to pass bipartisan legislation that set aside $20 million to help small businesses that have been left behind, with a focus on women, veteran or minority-owned businesses and those in rural areas. Small business owners who may need assistance should reach out to Energize Colorado for guidance, or to apply for the grant program.”
She said the application only takes 15 minutes to complete and is easy to use, though Energize Colorado will have people available to walk applicants through any trouble they have.
For more information on the fund and how to apply, click here.