Small businesses encouraged to apply to the Energize Colorado Gap Fund financial support

Gov. Jared Polis’ office

Gov. Jared Polis announced that the state will be allocating $6 million to the Energize Gap Fund. The second round of applications is open and it will be supporting even more Colorado businesses. The deadline to apply is Oct. 26.

“The fund is a bold, ambitious proposal that truly represents a holistic effort by both Democrats and Republicans in the state legislature and beyond coming together and putting differences aside to provide much-needed relief to small businesses and nonprofits across the state that are reeling from the pandemic,” Polis said. 

The fund will provide more than $31 million in loans and grants. They will be specifically targeted toward businesses and nonprofits that have been hardest hit by the statewide shutdown and that have limited access or no access altogether to other means of financing through federal, state or local programs. 

The gap fund is designed to meet this pressing need. It provides up to $15,000 in grant funds and up to $20,000 in low-interest loans to entities with fewer than 25 full-time employees. This represents a possible combined total of $35,000 in total relief.

In the first round, we saw 6,000 applications submitted, requesting $79 million in grants and $56 million in loans. More than 50 percent of applicants were from women-owned entities, more than a quarter were rural entities, 12 percent were from Latino-owned enterprises and 10 percent were from black-owned enterprises. 

To apply for Energize Colorado, visit https://energizecolorado.com/.

This story was posted on October 16, 2020.