Business owners in Pueblo County and the childcare industry can now get on the waitlist for the latest round of Energize Colorado Gap Fund loans through the Energize Community Program.
Through ECP, Energize Colorado will send $5.7 million in low-interest loans directly to business owners for needs that include debt consolidation, capital improvements, payroll, rent, utilities, working capital, equipment and inventory.
Applications close July 14.
ECP was designed in collaboration with community leaders and has three components:
• funding readiness workshops to showcase loan products and teach business owners about documentation;
• low-interest Gap Fund loans up to $20,000; and
• the Energize Community Accelerator – a 14-week intensive designed to increase business resiliency and long-term growth in underserved communities.
Programming was designed based on a Small Business Resiliency Index, which measures a business owner’s ability to regain their footing and build resilience for the future. Accelerator participants will take a pre- and post-SBRI assessment.
Since the launch of the Gap Fund in May 2020, Energize Colorado has partnered with the Colorado Office of Economic Development and International Trade, Colorado Housing and Finance Authority, and the state’s network of CDFIs and Regional Loan Funds.
These partnerships have allowed Energize Colorado to so far deliver $43 million behalf of State partners to small businesses needing financial relief. Energize Colorado will expand its capability by delivering ECP capital through a revolving loan fund.
“We have listened and learned from small business owners and community partners that businesses are continuing to struggle,” said Wendy Lea, co-founder and CEO of Energize Colorado. “With rising inflation and limited access to new capital, we built ECP to address these concerns directly. In tandem with our accelerator program, we’re working with recipients to ensure the money is deployed to drive growth and resilience.
“We believe that small business resiliency is improved when capital is integrated with technical assistance, and our ECP model brings these two together.”
Business owners in the four targeted ECP areas (Pueblo County, the childcare industry, East Colfax and Southwest Denver) with 25 employees or less are eligible for the ECP Gap Fund loans.
To apply, visit energizecolorado.com/ecp.
