COVID-19 Resources for Small Businesses

Most of you are aware of proactive steps being taken by many organizations to mitigate contamination from this virus – across our state and beyond. We hope that you and your teams and families stay well!

Colorado SBDC TechSource: Commercialization is available to answer your questions and concerns about the impacts of COVID-19 and the resources that may be able to help – including SBA low-interest loans and others. In an effort to help reduce the rate of COVID-19 transmission and in order to protect you and our staff and partners, we will be working remotely. We will email or call to respond to your request for assistance, conduct consulting meetings via phone and online (by appointment, as always) and hold workshops and special programming online.

Here are the steps we are currently taking:

1) One-on-one consulting will be done by phone.

All of our free one-on-on consulting sessions will be conducted over the phone. You can set up these consulting sessions by filling out a Request for Consulting form on our website.

Some of our consultants may have the ability to do online/video consulting. This decision will be up to the SBDC consultant, but the standard process will be phone conference. Due to increased requests for assistance, our staff won’t be able to help with video-conferencing connections, so if you are not proficient in this area, please utilize the phone consult.

2) Workshops and programs will be presented online – no in-person attendees.

We will continue to offer workshops and other programs, but our presenters will remotely present the class to attendees. Attendees will need internet access to view the programs, and can ask questions/participate digitally. We are currently in the process of updating our selection of online courses, so watch for more information here.

3) The SBDC has strategic partners at the local, state and federal levels – especially at SBA. We will communicate useful information about resources for small businesses as soon as we get it, and will provide support to help you get answers, whenever possible.

Small Business Administration (SBA) EIDL loans

Federal officials have announced plans for low-interest business loans to businesses impacted by the COVID-19 virus – Economic Injury Disaster Loans. This program will be managed by the U.S. Small Business Administration (SBA), a federal agency. As of today (March 17), we are working with the SBA and the Governor’s Office of Economic Development and International Trade (OEDIT) to unlock those loans for businesses in Colorado. We will advise as soon as that happens and you are able to apply.

We do not have specific guidance yet from SBA detailing the application process. However, from our experience with past disasters that impacted Colorado, these were documents that were needed (and helpful) for EIDL applications in the past. So if you want to get ready in advance to apply for a loan (or any other funding that may be available), these are key financial documents to gather, so you can be as prepared as possible:

  • Last three years of federal tax returns for your business
  • Last three years of personal federal tax returns
  • A Personal Financial Statement
  • Articles of Incorporation
  • A business plan with financial projections might be helpful, but may not be required

In addition, it may be helpful to have 1 – 3 years of your business financial statements (balance sheet and profit & loss statements). While these may not be required for the application, they may help you make the case for your business’ economic injury.

We are here to support our local businesses and entrepreneurs across Colorado during these very challenging times. We will do our best to communicate useful business resources and provide support to mitigate the impacts of this health situation.

Lastly, your health and safety is paramount, and we encourage you to read and follow best-practices from the CDC, WHO and CDPHE.

For more information and links to resources available, please visit our website . If you have any questions, please contact us.

Stay posted and be well!

— Colorado SBDC TechSource: Commercialization team

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