Colorado is known for being a state with a strong and innovative small-business community. It’s a great place to start or grow a business, whether you’re in the travel industry, agriculture, energy, or any other sector. However, as a startup, one of the biggest challenges you may face is obtaining financing.
Traditional lenders often view startups as higher risks, but don’t let that discourage you. While it may be more difficult to secure startup small business loans, it is not impossible.
Here are some of the best funding options to consider as you embark on your search for a Colorado startup small business loan:
- Colorado Business Loan Fund: This program, run by the Colorado Office of Economic Development and International Trade, offers 14 regional business loan options to help small businesses and startups across the state.
- Colorado Enterprise Fund: This philanthropic organization specializes in small business financing and also offers a range of enterprise development services, including training, online tools, and mentorship.
- Community Banks of Colorado: This FDIC-insured bank serves clients throughout the state, with products and services for small businesses and large corporations alike.
- Bank of Colorado: With over 100 years of experience in business lending, this bank works with experienced lenders to find the right loan for your business. In addition to traditional collateral like real estate, the Bank of Colorado will also accept other assets like inventory, accounts receivables, and equipment as collateral.
- Colorado Lending Source: This non-profit lender has been helping Colorado businesses start and grow since 1990, and is well-known for its Small Business Administration (SBA) loans. SBA loans are government-insured and offer low-interest rates and long repayment periods.
Types of SBA loans include:
- Small Business Association Microloans: Best for working capital and purchasing small business equipment.
- SBA 7(a) Loans: Offers flexible funds.
- Small Business Association Community Advantage Loans: Ideal for businesses in underserved communities.
- SBA Express Loans: Quick SBA funds.
- SBA CDC/504 Loans: Good for purchasing land, equipment, or other fixed assets.
Most SBA loan programs do not have a requirement for a minimum time in business, but it’s important to find a lender that works with startups.
To increase your chances of qualifying for a Colorado startup small business loan, it’s significant to focus on improving your credit score, creating a detailed and realistic business plan, and demonstrating a strong understanding of your market and industry.
You should also be prepared to provide collateral and/or a personal guarantee and be willing to put some of your own money into the business. If you’re having trouble finding financing through traditional lenders, you may want to consider working with community development financial institutions or the Small Business Development Center for additional support.
Finally, don’t be afraid to ask for help – consider working with a business coach or mentor, and tap into resources like SCORE or the Small Business Development Center for guidance and support.
BitX Funding for the Startups in Colorado
At BitX Funding, we understand that applying for a small business loan can be stressful. That’s why we’ve dedicated ourselves to taking the stress out of the process for our clients. Since 2014, we’ve assisted thousands of small businesses in obtaining financing through a personalized approach. Our team works one-on-one with each business to ensure that they get the support and guidance they need to succeed.
If you need a startup business loan with no revenue to open up your business, BitX Funding has you covered, all you need is:
- Verifiable Personal Income of $50K>
- A personal credit score of at least 700 >
Contact us now at 800-824-2407, or email us at [email protected] for further information on the best startup business loan that you can get in Colorado.