Business Funding & Grants
Lyons Revolving Loan Fund
Businesses within Lyons planning area are encouraged to apply for the Town of Lyons Revolving Loan Fund. A revolving loan fund (RLF) is a pool of capital from which loans are made to provide gap financing, primarily to small and mid-sized businesses. The fund revolves in the sense that it is self-replenishing, utilizing interest and principal payments on old loans to issue financing for new projects. RLFs provide critical financing when credit access may be limited, and are used to fill the breach between the amount a borrower can obtain in the private market and the amount needed to start or sustain a business.
Loan of up to $10,000
12 month loan term
0% interest
Paycheck Protection Program (PPP)
An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis
Economic Injury Disaster Loan (EIDL)
In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19).
SBA Funding Programs
Where do I get a government grant to start a new business?
Unfortunately, there are really no government grants – state or federal – available for starting a business. There are very specific targeted government grants but they rarely apply to start ups. These grants are called Small Business Innovative Research (SBIR) grants. SBIR grants are usually issued by a federal agency that is seeking research and development in specific areas including military weapons development, biotechnology and other high-tech fields. SBIR Colorado (303-427-1312 ext 201) is a non-profit organization that assists entrepreneurs, scientists and researchers identify SBIR grant opportunities. (https://bouldersbdc.com/resources/starting-a-business-faqs/)
Where do I apply for a government loan?
The vast majority of government loans programs – state and federal – are called guaranteed loans. To apply for these loans, a business owner contacts a bank or other financial institution which applies to the government for a guarantee on the loan. There are also other forms of private financing for business owners. The Financing Chapter of the Colorado Business Resource Book outlines many of these options. Before speaking to a bank or any seeking any other type of financing, a business owner should realize two important factors:
It is very difficult to finance new businesses. The majority of financial resource for a new business will come from the personal assets of the owner and their family and friends. Banks and the government prefer to see a two or three year business history before making a loan, regardless of the age of a business. While this does not eliminate the possibility of financing, it makes the second factor even more important.
A complete and well written business plan is critical to any type of financing. SBDC centers provide free one-on-one consulting to assist business owners in the writing of their business plan. The Business Plan Chapter of the Colorado Business Resource Book provides a basic outline for writing a business plan.
(https://bouldersbdc.com/resources/starting-a-business-faqs/)
