If you are looking for a small business loan in Colorado you are far from alone. Small businesses employ approximately 600,000 people in Colorado, accounting for roughly half of the state’s workforce.
Many successful small business owners require finance to launch new products, recruit additional employees, or expand their services. State and municipal government organizations, nonprofit institutions, and private lenders are available to provide money to Colorado businesses.
Continue reading to learn more about how these loans function, as well as the eligibility requirements and costs associated with them.
The Best Options For Small Business Loans In Colorado
Colorado has been named one of the nation’s most inventive states. Agriculture, science, tourism, and energy are just a few industries with a booming small company sector.
As you begin your search for small business financing in Colorado, here are some of the top local funding choices to explore.
Colorado Business Loan Fund
The Colorado Economic Development and International Trade manage the Colorado Business Loan Fund (OEDIT). OEDIT manages 14 regional business lending funds that help small enterprises all around the state.
These loans are available to small business owners who want to establish a new firm or expand an existing one. To secure a loan, you’ll almost always have to fulfill a job-retention or job-creation criteria. Currently, one job must be created or maintained for every $20,000 in loan funding requested.
Furthermore, those with low-to-moderate income must fill at least 51 percent of the positions generated or preserved. When applying, prepare to provide a business strategy, financial projections, and previous financial accounts.
Colorado Lending Source
Since 1990, Colorado Lending Source has been assisting Coloradans in starting and expanding their businesses. They provided 221 loans to Colorado small companies in 2018.
SBA loans are the most well-known product of this lender. SBA loans are government-backed loans with low-interest rates and long repayment terms. Commercial real estate loans, general small company loans, community advantage loans, and microloans are all examples of SBA loans.
Character-based microloans of up to $50,000 are known as “Colorado Main Street” loans. They are offered to small business owners who cannot obtain a traditional loan to establish or expand their company. The Main Street loan has a fixed interest rate and a fixed term in most Colorado counties.
Colorado Enterprise Fund
Another non-profit organization that focuses on small business funding is Colorado Enterprise Fund. Working with this lender has several advantages, including that they will do more than just give you a loan.
They’ll also provide you with a support system that includes small business counseling, online resources, and mentorship to assist you in achieving your objectives.
Colorado Enterprise Fund offers specialized niche loans, such as a Healthy Foods Fund Program, in addition to traditional small business loans. The Healthy Foods Fund Program, which provides loans of up to $250,000 to grocery shops, food trucks, farm businesses, and other food-related businesses, is meant for grocery stores, food trucks, agriculture businesses, and other food-related businesses.
Food enterprises that serve low-income communities and places with restricted access to credit are eligible for special interest rates from the lender.
Bank of Colorado
The Bank of Colorado has been financing businesses for almost a century. You’ll be able to engage with a seasoned commercial lender to secure the financing you require.
Like many other banks, most of the loan products offered by the Bank of Colorado need collateral. You aren’t confined to utilizing real estate as collateral, thankfully.
Other forms of assets, including inventories, accounts receivables, and equipment, will be accepted as security by the Bank of Colorado. As a result, you’ll be able to put your assets to work for you, generating more growth capital.
Still Need Other Options For A Small Business Loan In Colorado?
You may concentrate on placing your best foot forward in business loan application once you’ve decided which Colorado small business loans you want to apply for. In the end, each lender’s evaluation standards are different, but there are some things you can focus on common factors to improve your chances of getting a loan.
Apply today for a small business loan!