Before You Seek Funding

Before you approach a lending institution, it’s important to know the 5 Cs that lenders consider.

Steps to Securing Funding

Once you’ve done the preparation, have the following elements in place to seek financing.

Advice and Resources

These organizations and resources are available to help you succeed.

SmallBizLending.org is a collaborative project of public, private and nonprofit lending institutions. SmallBizLending.org was created to provide entrepreneurs and small business owners in Colorado with the information and resources to successfully apply for a business loan, access a line of credit, pursue micro-lending solutions or find other financing options.

Whether you run a sole proprietorship, manage a company with under 500 people, or are somewhere in between, there are lenders in Colorado eager to finance the successful growth of your enterprise. SmallBizLending.org will help you find the way.

Emergency funding for small businesses affected by COVID-19

The U.S. Small Business Administration has begun the forgiveness process for funds accessed through the  Paycheck Protection Program.

View a PPP forgiveness fact sheet.

The following information is from the SBA:

How to Apply for Loan Forgiveness

1. Contact your PPP Lender and complete the correct form

Your Lender can provide you with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a Lender equivalent.

The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements. Your Lender can provide further guidance on how to submit the application.

2. Compile your documentation

Payroll (provide documentation for all payroll periods that overlapped with the Covered Period or the Alternative Payroll Covered Period):

  • Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees.
  • Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
    • Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
    • State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
  • Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount.

Non-payroll (for expenses that were incurred or paid during the covered period and showing that obligations or services existed prior to February 15, 2020):

  • Business mortgage interest payments: Copy of lender amortization schedule and receipts verifying payments, or lender account statements.
  • Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible payments.
  • Business utility payments: Copies of invoices and receipts, cancelled checks or account statements.

This list of documents required to be submitted to the Lender is not all-inclusive.

3. Submit the forgiveness form and documentation to your PPP Lender

Complete your loan forgiveness application and submit it to your Lender with the re­quired supporting documents and follow up with your Lender to submit additional documentation as requested. Consult your Lender for additional guidance and provide requested documentation in a timely manner.

4. Continue to communicate with your Lender throughout the process

If SBA undertakes a loan review of your loan, your Lender will notify you of the review and the SBA loan review decision. You have the right to appeal certain SBA loan review decisions. Your Lender is responsible for notifying you of the forgiveness amount paid by SBA and the date on which your first payment will be due, if applicable.

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