Steps to Securing Funding
Now that you are prepared, here is a listing of dozens of options for Colorado banks, each with its own application process and funding guidelines.
You may work though the application process with one or more of these banks, but they may refer you to another public or nonprofit lending source. Ask your banker about these public and nonprofit lending options.
- CDFIs and micro lenders (See the Lending Grid for specific organizations)
- Guaranty programs (SBA 504 and 7A loans)
- Business loan funds (available for rural areas)
- USDA loans (available for rural areas)
- City/county programs (see if your city/county has a small business lending program)
If you are successful at securing financing, congratulations!
If you weren’t approved, don’t lose hope. Ask your banker these questions:
- Why was my loan request denied?
- What specific elements of the business (and business plan) presented challenges to the loan opportunity?
- What specifically about me, the principal in the business, presented challenges to the loan opportunity?
- What resources exist in the community to help me enhance my ability to be successful with my loan application?
- If you were in my shoes, what course of action would you take?
- Given my business type, focus and sector, can you provide leads on other lenders focusing on my business type?
Based on the answers to these questions, consider addressing any issues that have come to light. Access information from the small business support organizations designed to give you the best chance for business success. Many of these resources are listed on the right side of this page.
Once you’ve re-worked your plan or addressed other issues that concerned potential lenders, review your banking options and schedule an appointment.