Colorado Small Business Development Center Network and Access to Capital Resources
The Colorado Office of Economic Development and International Trade offers programs and resources, and manages partnerships with other organizations that are dedicated to helping small businesses get back on their feet.
Below are some frequently asked questions and the resources available to support your small business, whether you are just getting started or have been in operation for decades.
Visit a Resource Center
What is a Small Business Development Center and how can I use one?
One of our most useful resources in the state for small businesses is our Small Business Development Center (SBDC) network. The SBDC network provides no-cost consulting and no-cost or low-cost training and workshops to entrepreneurs in every region of Colorado. They have supported businesses in countless ways, from starting up to growing and from obtaining contracts to obtaining loans. View a full list of SBDC services.
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After the pandemic, how can I get back on track?
Every small business was impacted by the COVID-19 pandemic in one way or another. Now as we settle into a new normal, it is a perfect opportunity to reevaluate your business plan, strategies and tactics for your business moving forward.
The SBDC network can help you revisit your business plan and consider ways to adjust or strengthen your approaches based on how your business has changed. You may also need to consider new marketing strategies, financial assistance or loan applications. Your SBDC can help with any of these strategies to strengthen your business post-COVID.
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Get Help with Your New Startups
Where do I start with a new business?
The SBDC network offers startup workshops and one-on-one consulting to help startup companies. These workshops are specifically designed for new business owners seeking support for their startup, or maybe don’t know where to start.
Workshops include essential steps to starting a business, reading and understanding contract terms, building an online business, choosing an appropriate legal entity and walking through funding options. All of these workshops can be viewed by filtering SBDC events to “Start-up assistance.”
Your SBDC can also help you get started with one-on-one consulting. Through consulting, businesses can establish a business plan and identify first steps to take in their business.
Get Access to Capital
Where can I access capital like grants and loans?
As you seek grants and loans for your business, here are a few programs that are designed for recovery and to help Colorado small businesses.
Colorado Loans to Increase Mainstreet Business Economic Recovery (CLIMBER)
CLIMBER loans provide working capital to small businesses with 5 to 99 employees that were financially stable before the pandemic and now need support. CLIMBER is different from other loans as it offers below-market interest rates, a one-year deferred payment option, and favorable terms to be a more accessible and secure recovery option.
Colorado Revolving Loan Fund
The Colorado Revolving Loan Fund provides loans that help small to medium-sized Colorado businesses negatively impacted by the COVID-19 pandemic. These loans range from $5,000 to $750,000. The maximum interest rate is 10%, and the expected average interest rate of these loans is 4%. This fund prioritizes socially and economically disadvantaged businesses and nonprofits.
Cash Collateral Support
The Cash Collateral Support program helps small and medium-sized businesses in Colorado access loans that they would otherwise not get because they do not have enough collateral. This credit enhancement uses small amounts of public resources to encourage private lenders to loan money to businesses. The program provides a cash deposit as collateral for a business loan or credit facility when the business cannot meet the lender’s collateral requirements.
Colorado Microloans range from $5,000 to $50,000 to help startups and entrepreneurial small businesses that are underserved by traditional debt markets. Preference is given to businesses in rural areas. These small, character-based loans have terms up to eight years. The maximum interest rate is the prime rate plus 2%.
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