Energize Colorado will start taking functions for grants and loans by way of the Energize Colorado Hole Fund on Monday, Aug. 31.
Small companies with lower than 25 full-time workers can apply for help by way of a combination of grants and loans, as much as a most of $15,000 in grants and $20,000 in loans for a potential mixed whole of $35,000 in monetary help, in accordance with a information launch.
The Hole Fund goals to offer greater than $25 million in small enterprise loans and grants to help distressed small enterprise enterprises all through the state.
Sole proprietors, small companies and nonprofits economically impacted by the pandemic are eligible. Desire shall be given to underserved small companies together with these which can be majority-owned by minority, girls or veterans, these positioned in rural areas of the state, and companies that haven’t been profitable in pursuing and/or receiving funds from different federal, state and native help packages such because the Paycheck Safety Program, the discharge acknowledged.
Candidates should have the ability to present the financial hardship their enterprise is dealing with as a result of COVID-19 pandemic to qualify for grants.
The discharge mentioned $5 million in grant cash is earmarked for tourism-related companies, for considered one of Colorado’s hardest hit industries.
Grant funds have been offered by way of the federal CARES Act and shall be distributed to accredited candidates in awards as much as $15,000. For request of greater than $15,000, further cash is on the market within the type of a enterprise loan with maturity charges of 24 to 36 months. Curiosity on loans shall be deferred for zero to 4 months, one % for the preliminary 12 months and 1.5 % after 12 months.
Energize Colorado is engaged on the fund with the state of Colorado and the Colorado Housing and Finance Authority.
Extra info may be discovered at www.energizecolorado.com/gap-fund.
