Colorado SBDC TechSource: Commercialization has switched to remote work and has announced a range of services and support available to small businesses and entrepreneurs throughout the COVID-19 pandemic.
“Colorado SBDC TechSource: Commercialization is available to answer your questions and concerns about the impacts of COVID-19 and the resources that may be able to help — including SBA low-interest loans and others,” the TechSource team said in a statement.
“We will email or call to respond to your request for assistance, conduct consulting meetings via phone and online (by appointment, as always) and hold workshops and special programming online.”
Other steps include the following.
1) One-on-one consulting will be done by phone.
You can set up these consulting sessions by filling out a Request for Consulting form.
Some consultants will do online/video consulting. This decision will be up to the SBDC consultant, but the standard process will be phone conference. Due to increased requests for assistance, staff won’t be able to help with video-conferencing connections, so if you are not proficient in this area, please utilize the phone consult.
2) Workshops and programs will be presented online — no in-person attendees.
TechSource: Commercialization presenters will remotely present the class to attendees. Attendees will need internet access to view the programs, and can ask questions and participate digitally. The selection of online courses is being updated, so watch for more information here.
3) The SBDC has strategic partners at the local, state and federal levels — especially at SBA.
They’ll communicate useful information about resources for small businesses as soon as they get it.
Small Business Administration (SBA) EIDL loans
Federal officials have announced plans for low-interest business loans to businesses impacted by the COVID-19 virus — Economic Injury Disaster Loans. The program will be managed by the U.S. Small Business Administration.
Colorado SBDC TechSource is working with SBA and the Governor’s Office of Economic Development and International Trade to unlock those loans for businesses in Colorado. They will announce when businesses can apply.
“We do not have specific guidance yet from SBA detailing the application process,” the statement reads. “However, from our experience with past disasters that impacted Colorado, these were documents that were needed (and helpful) for EIDL applications in the past. So if you want to get ready in advance to apply for a loan (or any other funding that may be available), these are key financial documents to gather.”
- Last three years of federal tax returns for your business
- Last three years of personal federal tax returns
- A Personal Financial Statement
- Articles of Incorporation
- A business plan with financial projections might be helpful, but may not be required
In addition, it may be helpful to have 1-3 years of business financial statements (balance sheet and profit and loss statements). While these may not be required for the application, they may help you make the case for your business’ economic injury.
For more information and links to resources, visit the website.