Starting a business is a challenging endeavor, but keeping it up and running can be more challenging. Therefore, most entrepreneurs look for as much support and help as possible throughout the process. However, this is often hard to do, especially now that we are in a pandemic. Thankfully, many local organizations and state government offices in Colorado, are doing their part to make resources available to those who need them. Read on to know more about the available online resources for you and your small business in the Centennial State. Offers excellent startup support The good news is that creating a business in the state is easy, especially for those looking to set up a small business as a sole proprietorship or LLC. For those looking to form an LLC in Colorado, it can be done in as few as five steps and will only cost up to $125. However, the Colorado state government has made the process even simpler by allowing the registration of new businesses in Colorado through a simple online tool. MyBizColorado is the state's award-winning one-stop business registration solution that streamlines the registration process for small businesses and Colorado startups. It also provides helpful tips and agency contact info for those who want to start their business in the state. MyBizColorado has made registration much easier for entrepreneurs since they were required to deal with multiple agencies before MyBizColorado. Several funding opportunities Everyone knows running a business can cost a lot of money. In addition to that, many small companies likely need more financial help due to COVID restrictions. Luckily, Colorado offers several funding opportunities for small businesses and startups that can be accessed online. Southeast Colorado Small Business Development Center lists the different grants you can apply for as a small business owner, from federal grants to community foundation grants. The type of funding you can use depends on various factors, such as your business's industry, size, location, and form. The state has also set up a new grant in August of this year, prioritizing women- and POS-owned businesses heavily impacted by the Covid-19 pandemic. The Energize Colorado Gap Fund was created to provide more than $25 million in loans and grants to Colorado small businesses unable to access other loan programs, such as the Paycheck Protection Program. It's important to note that securing a grant award is not easy; it takes a lot of time and is very competitive. To help, you must know your business's critical components, such as its goals and mission and whom it serves and effects, since many Colorado small business grants have particular requirements for eligibility. If you decide you don't have the time, but you still need funding and wish to pursue loan options, you may check out Lender Match, a free online referral tool that connects small businesses with accredited lenders. Social media campaign for small businesses With 99% of Colorado's businesses being small businesses, the state recognizes that small businesses are the heart of Colorado's economy, as it employs nearly 50% of the state workforce. And to further help small businesses during the pandemic, the state has launched the #ShopLocalColorado social media campaign. The campaign aims to create more awareness for Colorado small businesses and encourage shoppers to shop local for the holiday season. The state website provides flyers and other #ShopLocalColorado materials that companies can use as part of the campaign.
