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CDBG-DR flood recovery grants for businesses increased Grants up to $50,000 available for Colorado businesses

Friday, August 01, 2014
The Colorado Office of Economic Development and International Trade (OEDIT) today announced that the guidelines and processes for the Recover Colorado Business Grant/Loan Program have changed, including an increase to the grant and loan maximums. 

"These changes increase the maximum size of potential grant amounts to individual businesses to further support job recovery and economic vitality in flood impacted areas," said OEDIT executive director Ken Lund. "Additionally, we streamlined the application and extended the deadline to allow the state to help even more businesses recover from the disaster." 

Key changes to the guidelines and processes to the program are as follows:
  • Grant maximum increase:
    • Increased from $10,000 to $50,000
    • Actual award amounts: Up to $50,000 (not all businesses will qualify or be eligible for the max award)
    • Multiple locations maximum: $75,000
    • Applications submitted before June 16, 2014 will receive priority consideration for funding. This includes priority consideration for maximum award amounts described in the July 2014 Revised Action Plan. No additional application will be required for previous applicants to receive priority consideration for increased maximum award amounts, although additional documentation of economic loss and receipts for expense reimbursement may be required.
  • Loan maximum increase:
    • Increased from $50,000 to $100,000
    • Actual award amounts: Up to $100,000 (not all businesses will qualify or be eligible for the max award)
    • Multiple locations maximum: $100,000
  • The application period has been extended through Sept. 30, 2014, and a new application is available at http://dola.colorado.gov/cdbg-dr/content/businesses-eligibility-process. The Small Business Development Centers (SBDC) will continue to assist applicants in providing required follow-up documentation. 
Applicants who have already applied for funds and submitted complete required documentation should start receiving award notifications and reimbursement checks in August. 
 
In December 2013, the U.S. Department of Housing and Urban Development (HUD) awarded $62.8 million to the State of Colorado in Community Development Block Grant Disaster Recovery (CDBG-DR) funds to assist with recovery efforts addressing the September 2013 severe storms that produced devastating floods and mudslides. These CDBG-DR grants are intended to confront housing, business and infrastructure needs beyond those addressed by other forms of public and private assistance. HUD identified counties in Colorado with the greatest extent of damage to housing, businesses and infrastructure. 

 The state budgeted $9 million of CDBG-DR funds to provide grants and loans to businesses in impacted counties that suffered substantial economic harm. A minimum of 80 percent of the funds awarded were targeted to Boulder, Weld and Larimer counties, while the remaining 20% was targeted to 15 other counties severely impacted by the floods. 
 

 For a complete list of affected counties, please visit The Dola Website. To date, 196 grants and 84 loans have been requested from communities in the impacted areas. 

Colorado SBDC & SBTC to offer businesses discounted technology and support services

Friday, August 01, 2014
The Colorado Small Business Development Center Network (SBDC) announced today that it has formed a partnership to launch the Colorado Small Business Technology Cooperative (CO-SBTC) to offer businesses access to discounted technology and support services. 
CO-SBTC is a new not-for-profit member-owned organization that provides access to quality vetted technology and support services for small businesses at a discounted rate. Members will have access to the best pricing and suite of vendors available to bring their business to the next level. CO-SBTC provides ongoing service and support that will reduce the time, labor, cost and frustrations of trying to access these technologies and services on your own.
Examples of services provided include:
  • Video conferencing
  • VOIP phone/PBX service
  • Network and cloud accessible storage
  • Electronic document management
  • Graphic arts/marketing support
  • Client web portals
  • Bookkeeping, payroll and electronic invoicing services
  • Issue tracking and customer record management
  • Corporate-grade email
  • Website development and hosting
  • General IT and administrative support
Technologies and services provided are based upon need; the co-op can add additional services as membership grows.

The recurring monthly membership fee is $25. As a member-owned cooperative, monthly fees will decrease as membership levels increase and costs from vendors will go down. Members who join byAugust 30, 2014 will be guaranteed to have their monthly membership fee decrease by at least $5 each year for the first three years.

For more information and to join visit www.co-sbdc.org.

Free QuickBooks Class June 26th

Monday, June 02, 2014

Are you a new business or an existing business looking for a way to better track your books? QuickBooks is a great program for entrepreneurs and business owners to look at for this very task.  The East Colorado SBDC will be hosting a beginners training for QuickBooks on June 26th.  Due to the high demand for this course we are requiring a reservation fee of $50.00.  If you would like to register for the event you write a check to the East Colorado SBDC and when you attend the event you are given back your check.  If you don't attend we will cash the check to help secure our limited attendance. 

Join the Small Business Development Center, Peace of Mind Accounting, & The Windsor Chamber of Commerce for an instruction of how to best utilize your QuickBooks software.  This is a QuickBooks basic class that will instruct how to get around and learn common business terms used by QuickBooks Accounting 101. Learn how to successfully implement QuickBooks into your business. To get the most of the training it would be advised to bring a laptop with your QuickBooks software already loaded, but is not required. 

Are you…
  • Worried that your business is not running as efficiently as it can?
  • Concerned that you are wasting time with online tutorials?
  • Anxious to know how to maximize your efforts with QuickBooks?


During this workshop, you'll discover…
  • How QuickBooks works and how to get around. Learning common business terms used by QuickBooks Accounting 101
  • Setting up a QuickBooks Company
  • Working with Lists - Customer, Vendor, Item, and Chart of Accounts
  • Working with Bank Accounts: Writing checks, bank registers, transferring money
  • Entering and Paying Bills

Free money for businesses affected by September’s Floods

Saturday, May 03, 2014

If your business was recently affected by the floods last year, then you may be qualified for a grant by the Small Business Administration. So the question is how do I sign up? There are a few steps that you need to take in order to qualify. Before we jump into how to apply let’s talk eligibility. 

  • Your business must be located within a declared disaster area. Not sure if you are in this area? Click here to find a list of the declared areas.
  • You must meet the definition of Small Business as defined by the SBA at 13 CFR Part 121. View SBA Small Business Standards.
  • Your business is in good standing with the Colorado Secretary of State.
  • You must have at least $10,000 in uncompensated economic loss after applying to insurance company and to the Small Business Administration for disaster recovery physical damage and/or Economic Injury Disaster Loans (EIDL).
  • Economic loss could come in the form of reduced revenues, damaged or destroyed equipment or inventory or other loss factors. 
  • You must have been in existence and had indications of profitability before the flood.
  • You must have at least $25,000 in projected annualized revenue but less than $1 million in liquid assets.
  • Grants will be reimbursement-based but the proceeds can be used for any legitimate business expense except deconstruction or reconstruction. 
  • Additional requirements may apply. 
If you are interested in applying for these funds the application period for round one will last for 45 days. You can submit an application to the centralized location per instructions on the Dola website or on the Colorado SBDC website to get help in compiling additional information require for your application per the checklist

Submit all the required information to the SBDC for review within three weeks of the end of the application period or you will lose your priority in the distribution line. The funds are first come first serve. The SBDC will help you submit this information on to a centralized review location. Click here to register as an SBDC client and schedule an appointment.

Flood Relief Grant Application Checklist

Thursday, May 01, 2014
Are you in the process of completing the grant application for the businesses that were affected by last September’s floods? Today we have a checklist that will help you along the way to ensure you have all the materials, but first let’s review what you will need to have in place when meeting with your SBDC consultant.

You will need to bring the following documents with you when you visit with your SBDC Business Representative on this application. If you have been in business less than three years you will need to bring what you have of the following documents:
  • Three years Personal Financial Statements
  • Three years of Business Balance Statements 
  • Three years of Business Profit and Loss Statements
  • Three years of Personal Tax Returns
  • Three years of Business Tax Returns
  • List of business employees and their wages
  • Business Plan if available
To view the checklist in full, view the Application Requirements Checklist.

Small Business Night at the Rockies!

Thursday, April 17, 2014