Are you a small business owner in Denver, Colorado looking for financing options? You're not alone. Colorado has more than 600,000 small businesses, and nearly half of the state's workers are small business employees. Fortunately, there are several financing options available to help you get the capital you need to start or grow your business. The Colorado Business Loan Fund is led by the Colorado Office of Economic Development and International Trade (OEDIT).
OEDIT manages 14 different regional commercial loan funds that help small business owners across the state. Colorado Lending Source's community-benefit loans go primarily to underserved communities. If you have a business in a low-income community or a community of color, you may be able to qualify. To start, you'll need to identify what you want to finance and how much capital you need.
Then, complete an application and submit your business plan and other supporting documents. Colorado Enterprise Fund is another not-for-profit institution that specializes in providing financing for small businesses. One of the biggest benefits of working with this lender is that they will do more than give you a loan. They will also offer you a small business counseling support system, online tools, and mentoring to help you achieve your business goals. Community Banks of Colorado also focuses on industries that are difficult to finance. They offer loans with very competitive terms for healthcare companies, farms and community associations.
For example, you can get up to 100% financing to purchase an existing health office. If you run a specialty practice and have struggled to get funding elsewhere, try to find the nearest Community Banks of Colorado branch. Bank of Colorado has more than 100 years of experience in business lending. You'll be able to work with an experienced commercial lender to find the type of loan you need. Like many banks, most of the business loan products available from Bank of Colorado require guarantees.
Fortunately, you're not limited to using real estate as collateral. The Bank of Colorado will also accept other types of assets as collateral, such as inventory, receivables and equipment. That way, you can use your assets to generate more growth capital. The Advanced Industries export grant is also designed to help Colorado businesses in the industries listed above. This grant program helps offset companies' international business development and marketing costs.
To meet the requirements, your company must start exporting or be ready to expand to a new global market. Businesses with fewer than 200 employees and at least half of those based in Colorado are eligible. It must also be cost-effective and have at least two years of domestic sales experience. Bluevine is another small business loan option for Colorado entrepreneurs. Like OnDeck, the Bluevine loan application is fully digital, so you can get a business loan much faster than at a bank or non-profit organization. Bluevine offers lines of credit based on what's right for your business needs.
Refunds are made in six or 12 months. You can apply for an acquisition loan when you need to purchase a specific corporate asset, property or business. With hundreds of successful real estate investment transactions, Pinetree Financial makes its clients feel fully supported when seeking acquisition financing in Denver, Colorado. Region 9 serves the communities and businesses of Archuleta, Dolores, Montezuma, La Plata and San Juan County through the administration of a commercial loan fund that promotes access to capital for marginalized rural business owners. Colorado Lending Source is a not-for-profit lender that has been helping Coloradans start and expand their businesses since 1990. We also have special programs for startups that operate less than two years, as well as “second chance” financing options for companies with B, C and D credit ratings. Financing a small business isn't easy to do, and it's almost always necessary for business owners to turn to Colorado small business lenders for help from time to time.
CEF also offers free business advice to small business borrowers through its business navigation services. For many business needs, whether it's commercial real estate, working capital, getting the funds to pay staff, or expanding operations, a small business loan may be your best option. Small business owners can apply for these loans to start a new business or support an existing business. The Business Foundations technical assistance program provides technical assistance and small grants to small businesses in Colorado to help businesses establish themselves legally.
Once you figure out which Colorado small business loans you would like to apply for, you can focus on doing your best in applying for a business loan.
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