Frequently Asked Questions

 

Having problems with the eligibility part of the application? Read this document!

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General

 

Eligibility

 

Financial

 

Application

 

What is the Energize Colorado Gap Fund?

The Energize Colorado Gap Fund will provide more than $25M in small business loans and grants to boost small business enterprises that are the economic engines throughout the state. Sole proprietors, businesses and nonprofits with less than 25 full-time employees can apply for up to a $15,000 grant and a $20,000 loan for a possible combined total of $35,000 in financial assistance. Anyone eligible is welcome to apply, preference will be given to small businesses majority-owned by minority, women or veterans and or located in a rural area, and that have not been successful in pursuing and/or receiving funds from other federal, state and local assistance programs such as the Paycheck Protection Program.

Is this a grant or a loan program?

Both. Monies are available in both a grant and a loan. There is only one application for the Gap Fund.

What is the difference between a grant and a loan?

Grant money provided to an eligible small business is not required to be repaid. A loan has an assigned interest rate and must be repaid over a defined period of time.

Who is eligible to apply?

Small businesses/enterprises – Colorado sole proprietors and registered small businesses in good standing with the state and nonprofits who support small businesses.

  • Small businesses and nonprofits must have fewer than 25 employees. An employer may use its off-season employee count.
  • Priority will be given to the following, but all eligible Colorado-based micro and small businesses may apply:
      • Black, Indigenous, People of Color, Veteran-owned, Woman-owned or rural businesses
      • Rural areas are defined as:
        • A county with a population of less than fifty thousand people
        • A municipality with a population of less than fifty thousand people that is located ten miles or more from a municipality with a population of more than fifty thousand people
        • The unincorporated part of a county located ten miles or more from a municipality with a population of more than fifty thousand people
        • Those that have not been successful in pursuing and/or receiving funds from other federal, state, and local assistance programs such as the Paycheck Protection Program.

IRS classified nonprofit charities and associations. Specifically, those supporting economic development, small businesses, and tourism and those supporting our priority businesses will qualify.  In general, nonprofits that provide direct services to small businesses are eligible as are non-profits in the tourism sector as defined in SB20-222.  Nonprofits that provide services to individuals, though critically important, are not the focus of the Gap Fund. We encourage social service nonprofits including food banks, animal shelters, homlessness support, childcare, healthcare, libraries, fraternal and membership organizations to look for resources here:  https://www.coloradononprofits.org/covid-19-coronavirus-resources

Eligible Nonprofits Include:

  • Economic Development Organizations
  • Chambers of Commerce
  • Downtown Associations
  • Local Visitor Bureaus
  • Tourism Associations
  • Cultural Events & Facilities Organizations
  • Arts/Entertainment Organizations
  • Performing Arts Organizations
  • Theatre Guilds
  • Arts Alliances
  • Film Festival Organizations
  • Scenic Railways
  • Museums
  • Outdoor Recreation and Access Organizations

If I apply, am I guaranteed a grant or a loan?

No, the Gap Fund is not a first-come, first-serve program. It is a competitive program with priority given to groups listed below. Each application will be thoroughly evaluated and approved if applicants meet the criteria. While we hope to help as many people as possible, these funds will eventually run out and all applicants are not guaranteed a grant and/or loan.

What are the differences between the nonprofit and small business applications?

Nonprofits must meet the eligibility criteria for all “small business’ AND the mission and/or programs of the nonprofit entity should directly support economic development

Once selected, the application system will direct nonprofits to complete questions that apply to nonprofits only.

In the body of the application, nonprofits will be asked to describe how the nonprofit's mission and programs directly support small businesses, tourism, or economic development. Tourism is an earmarked priority set by SB20-222. Nonprofits should look at the specific language in the application and consider how their mission may align to the tourism industry in answering this question.

The demographic questions that affect the “preference” points for applicants consider the population served by the nonprofit. The nonprofit will need to answer yes/no whether its mission and programs primarily serve racial or ethnic minority, women, veteran, or rural businesses? Board and management composition does not impact demographic “preference” for nonprofits.

In general, nonprofits that provide direct services to small businesses are eligible as are non-profits in the tourism sector as defined in SB20-222.  Nonprofits that provide services to individuals, though critically important, are not the focus of the Gap Fund. We encourage social service nonprofits including food banks, animal shelters, homlessness support, childcare, healthcare, libraries, fraternal and membership organizations to look for resources here:  https://www.coloradononprofits.org/covid-19-coronavirus-resources

Eligible Nonprofits Include:

  • Economic Development Organizations
  • Chambers of Commerce
  • Downtown Associations
  • Local Visitor Bureaus
  • Tourism Associations
  • Cultural Events & Facilities Organizations
  • Arts/Entertainment Organizations
  • Performing Arts Organizations
  • Theatre Guilds
  • Arts Alliances
  • Film Festival Organizations
  • Scenic Railways
  • Museums
  • Outdoor Recreation and Access Organizations

How does a business show it’s been impacted?

Businesses need to demonstrate and clearly articulate through writing (mentor programs are available for help), the economic hardship their business is experiencing through the business’s choice of documents such as bank records, point of sale receipts, profit and loss statements, or other documents demonstrating economic harm. The types of economic hardships that qualify for assistance through this program include:

    • Loss of revenue due to the COVID-19 public health emergency associated with a stay at home order;
    • Loss of revenue due to the COVID-19 public health emergency associated with a voluntary closure of the business to promote social distancing measures;
    • Loss of revenue due to a decrease in customer demand due to the COVID-19 public health emergency; or
    • Increased costs to operate the business due to the COVID-19 Public Health Emergency.

How does this work?

The Governor and the State Legislature have designated a $20 million dollar grant from the CARES Act to distribute alongside $5 million in loans from private donors and other state funds to help Colorado’s micro and small business owners.

Colorado Housing and Finance Authority (CHFA) holds and distributes our funds.

A small business may apply for a combination of loan and grant money through this Gap Fund.

The Gap Fund will receive a mix of loans and grants to provide to local lenders.

Distribution of funds will follow guidelines and allocations established by the Executive Committee.

Our Executive Committee is a diverse group of members experienced in lending and community development, as well as leaders representing the communities we aim to serve.

Funds will be broadly distributed across the group of community lenders with the goal of addressing the critical needs of micro and small businesses across all counties of the entire state.

Our Executive Committee will monitor how these loans are used, address special needs, and report back to the state.

What about tourism?

Five million dollars of grant money has been earmarked for tourism-related businesses specifically.

Tourism Sector industries specifically include:

    • Hotel, Motel and Lodging;
    • Food, Beverage and Restaurant;
    • Ski;
    • Private Travel attractions and casinos;
    • Other Outdoor Recreation;
    • Tourism-related Transportation
    • Destination Marketing
    • Cultural Event and Facility Groups

The Cannabis Industry is not eligible but what about the Hemp Industry?

Businesses that grow, distribute, or sell Cannabis are not eligible per federal requirements of this program. Hemp businesses will be allowed as long as they meet federal and state guidelines.

Please see the following document for further clarification: https://www.sba.gov/sites/default/files/2019-02/SOP%2050%2010%205%28K%29%20FINAL%202.15.19%20SECURED%20copy%20paste.pdf

Are farmers/farms eligible?

Yes.

Are additional points prioritized for Gold Star Family?

No additional points will be awarded for Gold Star Families, however, points will be awarded for businesses that identify as Veteran Owned.

What will the loan payments be like? For loans specifically, the maturity rate is 24 to 36 months. The interest rate is:

  • 0 to 4 months payment deferment
  • Initial 12 months: 1%
  • After 12 months: 1.5%

What are the terms of the loan? Anticipated loan terms?

  • Principal amount: $5,000-$20,000
  • The maturity rate is 24 to 36 months.
  • The interest rate is: 0 to 4 months payment deferment and no interest / Initial 5-12 months: 1% / After 12 months: 1.5%
  • No payments the first 4 months. No prepayment penalty.
  • Secured Loans: mix of structures including personal guarantee, collateral, and possible prohibition on additional debt without consent.

What is the cut off date for applications?

CHFA is managing the fund and will be establishing the windows when applications will be opened and closed. If you sign up for our newsletter, you will be notified as soon as they are announced.

UPDATE:

  • Round One applications closed September 14, 2020.
  • Round Two applications will be accepted October 5-26, 2020.

An applicant may apply for funding more than once. This may be considered if;

  • The financial loss from March 1, 2020 - time of application was less than $15k
  • Additional loan funds are desired

Are there limits on what I can spend my loan or grant on?

Yes, loans may be spent on items agreed to by the lender. Grants may be used to reimburse:

  • Loss of revenue due to the COVID-19 public health emergency associated with a stay at home order;
  • Loss of revenue due to the COVID-19 public health emergency associated with a voluntary closure of the business to promote social distancing measures;
  • Loss of revenue due to a decrease in customer demand due to the COVID-19 public health emergency; or
  • Increased costs to operate the business due to the COVID-19 Public Health Emergency.

Examples of allowable expenses include:

  • Payroll costs
    • Increased workers compensation cost due to COVID-19 pandemic
    • Premium Pay
    • Hazardous duty, physical hardship in case related to COVID-19 pandemic
    • Overtime related to COVID-19 pandemic
    • Employee stipend if deemed necessary due to COVID-19 emergency provided on a reimbursement basis
  • Rent to mitigate COVID-19 impact
  • Equipment
  • Real property
  • Livestock depopulation deemed necessary for public health reasons
  • Programs to implement COVID-19 social distancing measures
  • Training to mitigate the impact for employees furloughed due to COVID-19
  • Inventory for items to mitigate COVID-19 impact

Your grant or loan cannot be spent on:

  • Expenses that have been or will be reimbursed under any other federal program
  • Losses that have been or will be covered under any other federal program
  • Taxes
  • Lobbying
  • Capital Purchases or Construction
    • Capital purchases are defined as expensed greater than $25,000 with a usable life of five years or more.

Can I use my phone to apply?

Yes, the application process is mobile-enabled. Documents can be photographed and attached to the application.

I don’t have a way to scan or upload documents? What do I do?

Required documents can be photographed and attached to your application.

If you believe you will need additional assistance, you can contact the Small Business Development Center and they will assign a consultant from their nearest location that can work with you to fill out the application with you. Would you like me to try to connect you so they can work on getting someone assigned to you?

How will I receive the funds if awarded?

Checks will be issued by mail by the grantor or lender, unless the grantor or lender indicates otherwise.

If I receive a loan, are there any prepayment penalties?

No, there are no prepayment penalties with Gap Fund loans.

Will my chosen lender pull my credit? Are there credit requirements?

Credit scores will not be pulled for grants.  For loans, credit requirements will be dependent on the lender and the lender may pull an applicant’s credit. Our lenders are encouraged to be more flexible around their default rates, allowing their underwriting to be more liberal, giving more people access to loans.

What if I can’t find my EIN/TIN?

If you previously applied for and received an Employer Identification Number (EIN) for your business, but have since misplaced it, try any or all of the following actions to locate the number:

Find the computer-generated notice that was issued by the IRS when you applied for your EIN. This notice is issued as a confirmation of your application for, and receipt of an EIN.

If you used your EIN to open a bank account or apply for any type of state or local license, you should contact the bank or agency to secure your EIN.

Find a previously filed tax return for your existing entity (if you have filed a return) for which you have your lost or misplaced EIN. Your previously filed return should be notated with your EIN.

Ask the IRS to search for your EIN by calling the Business & Specialty Tax Line at 800-829-4933. The hours of operation are 7:00 a.m. - 7:00 p.m. local time, Monday through Friday. An assistant will ask you for identifying information and provide the number to you over the telephone, as long as you are a person who is authorized to receive it. Examples of an authorized person include, but are not limited to, a sole proprietor, a partner in a partnership, a corporate officer, a trustee of a trust, or an executor of an estate.

What about a company that has moved to Colorado? Can they use out of state operations prior to their Colorado operations to show COVID impairment?

Yes. All documentation will be reviewed to make sure the facts and circumstances support the stated loss and that the company has moved to Colorado.

As a nonprofit, how do I document my impact on economic development as required?

Nonprofits must describe how their mission and programs directly support small businesses, tourism, or economic development. A nonprofit’s mission/bylaws, activities, and population it serves can all be used as evidence of the organization’s tie to eligibility. This answer can be written as a narrative and does not require upload of supporting documentation. However, the granting agency may request additional information such as; annual report/marketing materials/excerpts from grants/any impact data.

Will it count against me if I apply for the Gap Fund again?

No. If you have received a grant previously, that will be taken into consideration.

Can I apply if I am an immigrant? What documentation do I need to provide?

An individual (i.e. a sole proprietor of a business) will need to provide one of the following:

  • Valid Colorado driver’s license or a Colorado identification card issued by the Colorado Department of Revenue.
  • Valid US passport
  • US Military Identification card OR Military Dependent’s Military ID card
  • United States Coast Guard Merchant Mariner card
  • Native American Tribal Identification Document
  • Valid Foreign Passport with Photo AND valid US Visa AND I‐94
  • Certificate of Citizenship with photo (less than 20 years old)
  • Valid Employee Authorization Document/Temporary Resident
  • Refugee/Asylee I‐94 with photo
  • Valid I‐551 permanent resident card

Are only Colorado small businesses eligible?

Yes, only domestic entities formed under Colorado law are eligible. A Colorado domestic entity is a business registered, and in good standing, with the Colorado Secretary of State. Foreign entities that have filed with the Colorado Secretary of State to conduct business in Colorado are not eligible, for example, a business formed under Delaware law is not eligible.

Select small business entity type

Your business entity type is defined by how your business is structured or how you are registered with the State of Colorado. Entity type can define how you pay taxes, your legal and reporting requirements, and sometimes how you pay your employees.

The Gap Fund needs your entity type information because this can affect how much money you are eligible to be awarded (based on government guidelines for grants) and which questions you may need to answer throughout the application.

Some examples of entity types include: 

  • Sole Proprietorships
  • Partnerships
  • Corporations (Inc.)
  • Limited Liability Company (LLC)
  • Nonprofit Associations

Please provide your nonprofit’s IRS classification code

IRS nonprofit classification codes (such as 501(c)(3),501(c)(6)) indicate the type of charitable organization.

This information can help determine your eligibility to receive a grant or loan from The Gap Fund based on certain requirement criteria.

You can learn more about nonprofit classification at the IRS classified nonprofit charities and associations site:

https://www.irs.gov/charities-non-profits/exempt-organization-types

Select the small business’s Federal ID Number Type

A Federal ID number is an identifying number assigned to individuals and businesses. These numbers are issued by either the Social Security Administration (your personal Social Security Number) or the IRS (your business’s Employer Identification Number or your Individual Taxpayer Identification Number).

You must include your taxpayer identification number on all your small business tax returns, statements, and some other finance-related documents.

Provide the small business’s Federal ID Number

The business Federal ID number should be the nine-digit number associated with your Federal ID Type selected above.

You can find this number on your business registration paperwork, your Social Security card, your Federal or State income tax forms or loan, grant, or assistance requests you may have filled out in the past.

Need help finding your Federal ID number?

Is the small business employee-owned?

Energize Colorado is eager to build the next economy — one that serves all Coloradoans, across racial and economic divides. 

As part of this economic growth, Energize Colorado and the Gap Fund support employee ownership in small businesses. This gives workers a stake in the success of their own company through seeing that their inputs benefit the company, increased job satisfaction, and longer employment. Companies with employee ownership often see greater productivity, higher profitability, and increased revenue.

Employee ownership goes beyond sharing the profits of your business with employees - it includes sharing a stake in the company’s decisions.

By providing information about your business’s employee ownership today or in the future, the Gap Fund can better prioritize your business for the awarding funds to help your business recover and grow.

Please provide verification of identity

By law, to be eligible for loans and grants a sole proprietorship must be owned by a Colorado resident who is legally able to work in the United States. 

This requirement is different than that being used for corporations and partnerships because a sole proprietorship may not be required to register as a business in the State of Colorado. Without this registration requirement, the Gap Fund must request other evidence of residency to confirm eligibility.

The Gap Fund does not prioritize between businesses registered in the State of Colorado and unregistered sole proprietorships with owners who are residents of Colorado and legally authorized to work in the US - it just requires a different set of documents.

This proof may include any of the following documents:

  • Valid Colorado driver’s license or a Colorado identification card issued by the Colorado Department of Revenue.
  • Valid US passport
  • US Military Identification card OR Military Dependent’s Military ID card
  • United States Coast Guard Merchant Mariner card
  • Native American Tribal Identification Document 
  • Valid Foreign Passport with Photo AND valid US Visa AND I‐94
  • Certificate of Citizenship with photo (less than 20 years old)
  • Valid Employee Authorization Document/Temporary Resident
  • Refugee/Asylee I‐94 with photo 
  • Valid I‐551 permanent resident card 

Is the small business located in a rural area of Colorado?

The Energize Colorado Gap Fund is particularly focused on helping small businesses located in the rural areas of Colorado who may not have had access to previous types of federal funding related to the COVID-19 public health emergency.

For the purpose of this application, enter your address in the following map to get the correct rural designation for your business:

https://cooit.maps.arcgis.com/apps/webappviewer/index.html?id=c662f0f4287d4ee3b330a900e22c94b7

For these grants, the State of Colorado has a specific definition of “rural.” These include:

  • A county with a population of less than fifty thousand (50,000) people
  • A municipality with a population of less than fifty thousand (50,000) people that is located ten miles or more from a municipality with a population of more than fifty thousand people
  • The unincorporated part of a county located ten miles or more from a municipality with a population of more than fifty thousand (50,000) people

Please identify the primary industry in which the small business operates using the North American Industry Classification System (NAICS) Code

The Energize Colorado Gap Fund wants to ensure that small businesses across a variety of industry types are represented. We can continue to communicate opportunities and work with industry and community representatives for support if we have industry information about businesses who apply for assistance.

In general, we do not prioritize across industry types, although some industries may not be eligible (for example, the cannabis industry) and others may be a specific area of focus for the Gap Fund (for example, tourism).

The North American Industry Classification System (NAICS) code is the government classification system for industry types. We can use this to help in our efforts to support businesses and industries.

More information on NAICS codes here:

Does the small business operate in the tourism sector?

The State of Colorado and the Energize Colorado Gap Fund recognize that tourism is a significant contributor to Colorado’s economy. We also know that this area has been particularly affected by the COVID-19 public health emergency.

To assist these small businesses, five million dollars of grant money has been allocated for tourism-related businesses. 

This money will be available specifically for small businesses in the tourism industry until at least October 1, 2020.

Describe how the nonprofit’s mission and programs directly support small businesses, tourism, or economic development

Because the Gap Fund is focused on supporting the small businesses so important to our State, nonprofits which support these businesses may also qualify for grant and loan assistance. 

You can show how your nonprofit supports small businesses and the economy through your official mission statement and objectives and statements of impact.

These may include number and type of businesses supported, specific examples of past work/projects, relative size budget(s) of programs.

How many employees have you had to lay off or furlough due to COVID-19? You may include independent contractors/1099 workers.

We know that the COVID-19 public health emergency has caused significant unemployment and the Gap Fund wants to improve that situation.

By sharing employment information, including the number of employees you have had to let go due to COVID-19, you let us know more about how we can support you, your employees (past and present), and your business.

We define employee types as :

  • Full-time employees - employees who are on your payroll and usually work 35 or more hours each week
  • Part-time employees - employees who are your payroll but usually work less than 35 hours per week
  • Seasonal employees - typically in the tourism industry, these are employees who are on the payroll but for a specifically defined period of time. Examples include ski season, rafting or hiking season, holiday seasons
  • 1099/contract employees - these employees are not on your payroll but are hired and paid on an “as needed” basis, typically do not have employment benefits, and pay their own taxes based on payment records you provide. Examples may include accounting support, marketing contracts

How many employees would you normally have hired but were unable to hire due to COVID-19? You may include independent contractors/1099 workers.

To determine the number of employees to include here, consider things such as:

  • How many new employees you had planned and/or budgeted to hire before the COVID-19 public health emergency?
  • How many new employees (beyond your staff on Mar 1, 2020) would now be employed by your small business if not for the COVID-19 public health emergency?
  • Are there independent contractors or 1099 employees who you would typically hire for temporary project-based work or who you had planned to hire prior to the COVID-19 public health emergency? This might include individuals such as accountants, delivery drivers, manual labor or other tasks for which you contract help on an as-needed basis

Total decrease in revenue (in $) due to COVID-19

Any decrease in revenue (sales) which is due to COVID-19 is eligible for grant support. These causes were listed in the question above.

You can calculate your decrease in revenue (from March 1, 2020 to today’s date) several different ways, including 

  • This year’s revenue compared to this same time in a previous year - this may work well for businesses that depend primarily on seasonal sales.
  • This year’s revenue compared to a previous period, for example, revenue beginning March 1, 2020, to today vs revenue beginning Jan 1, 2020, to March 1, 2020. This may work well for businesses that do not have large seasonal changes in their sales.

Energize Colorado has support and business mentors who can help you understand other ways to show your decrease in revenue:

https://energizecolorado.com/gap-fund/

Total increased expenses (in $) due to COVID-19

Any increase in expenses (costs) due to COVID-19 is also eligible for grant support.

Similar to a decrease in revenue, this can be defined in several different ways, including

  • This year’s expenses compared to this same time in a previous year - this may work well for businesses that depend primarily on seasonal sales.
  • This year’s expenses compared to a previous period, for example, revenue beginning March 1, 2020, to today vs revenue, beginning Jan 1, 2020, to March 1, 2020. This may work well for businesses that do not have large seasonal changes in their sales.

Energize Colorado has support who can help you understand other ways to show your decrease in revenue:

https://energizecolorado.com/gap-fund/

Please upload documentation of the small business’s losses and expenses due to COVID-19

Here we are asking you to provide documents that support the decrease in revenue or increase in expenses we asked for above. Providing these documents now will help our financial partners to process your loan or grant as quickly as possible.

We ask for documents that show things like the examples below and many others

  • Costs of inventory like food that you had to destroy because your restaurant was closed
  • Fewer ticket sales because your event center had to reduce the number of people allowed
  • Closure related loss of sales for your retail business
  • Increased costs for personal protective equipment for your essential workers

Documents can come in many forms. These may be bank records showing your costs, point of sale receipts showing less sales, financial and accounting statements for your business with decreased profit, or other documents like tax returns or payroll records. 

Energize Colorado has a support team who can help provide you with resources to help you collect and present this information 

https://energizecolorado.com/gap-fund/

How many employees does the small business plan to hire with this assistance?

It is important for us to know if you plan to hire new employees to prepare for your busy season or to grow your small business this year. Not hiring these employees would impact your business and the Colorado economy and that information can guide the Gap Fund in how we help our communities.

Hiring of employees may include new part-time or full-time employees to replace previous employees who are not returning to work; the rehire of employees who were laid off or furloughed due to the COVID-19 public health emergency; 1099 or contract employees; temporary or seasonal employees

What, if any, other federal, state or local COVID-19 related assistance has the small business already received?

The Gap Fund recognizes how important it is to provide funds to those who may not have received that assistance before now.

Receiving other assistance does not mean you aren’t eligible for grants or loans provided by the Gap Fund. And telling us about that assistance helps the Gap Fund to know where there are needs that aren’t being met.

It is important to know that you may not be eligible to receive funds for expenses that have already been reimbursed in other ways. Providing that information now helps us to process your financial assistance request more quickly.

Is the Gap Fund first come first serve?

No, we will not assign grants and loans in the order applications come in.  Applications will be reviewed together in phases to ensure they meet all Gap Fund requirements and eligibility.  We would prefer an applicant to spend adequate time on their application rather than rush, contact the technical assistance team with any questions.

I started my business during COVID, am I eligible?

New businesses are eligible, but economic hardship must have been realized to be reimbursed. This means a business can not use projected, unrealized expenses or income as a way of proving economic hardship.  You must be able to demonstrate an actual (not projected) impact on your business.

How does the process work? What is the scoring rubric for applications to the Gap Fund?

All eligible businesses are encouraged to apply, this scoring rubric will be used to determine the priority level granted to each applicant.  This is not a first-come first-serve process.  Businesses owned by women, veterans, racial and ethnic minorities, and businesses located in rural areas will be prioritized for assistance – though they won’t be the exclusive recipients. We’ll also prioritize those who have not received PPP loans or other federal, state or local funding. 

Distribution of funds will follow guidelines and allocations established by the Executive Committee.  Colorado Housing and Finance Authority (CHFA) holds and distributes the funds.  Our Executive Committee is a diverse group of members experienced in lending and community development, as well as leaders representing the communities we aim to serve.

Funds will be broadly distributed across the group of community lenders with the goal of addressing the critical needs of micro and small businesses across all counties of the entire state.  Our Executive Committee will monitor how these loans are used, address special needs and report back to the state. 

I started my business during COVID, am I eligible?

New businesses are eligible, but economic hardship must have been realized to be reimbursed. This means a business can not use projected, unrealized expenses or income as a way of proving economic hardship.  You must be able to demonstrate an actual (not projected) impact on your business.

How is the Gap Fund different from PPP?

Many deserving businesses have historically had difficulty accessing capital and the COVID-19 pandemic increased this problem. Other businesses were ineligible for programs such as PPP loans. Even for those lucky enough to have received assistance, the amount is often insufficient to survive the lasting effects of the pandemic. These are the businesses and nonprofits we seek to help.

What is the maximum amount I can request from the Gap Fund?

You can request a combination of a grant and a loan with a maximum of $35K total. $15K grant + $20K loan = $35K max request.  The first $15K of request may be 100% filled by grant.

If approved, when will the funds be available?

It's going to depend on the grantor or lender. It is our desire to move the funds as quickly as possible.

Can I upload my SAM (System for Award Management) Certification?

There is an option to provide your SAM Certification in the documents section. It is not required to submit with your application, it is optional.

I am transgender, do I need to declare myself as a man or a woman?

Please select whatever gender you identify with in the application.

Are cooperatives eligible to apply? 

Yes. Any domestic entity type that is a nonprofit corporation is eligible.

Are there character or word limits to the narrative fields in the application?

No.

Are Gap Fund grants and loans considers taxable income?

Gap Fund grants are provided through the federal CARES Act and are considered taxable income. Grant recipients will receive a Form 1099 for reporting this income to the IRS. Gap Fund loans are not considered taxable income.

How do I make changes to my application after it is submitted?

To make changes to your application and have it reconsidered for funding you will need to withdraw your old application and create a new application. Follow the instructions below to withdraw your application and create a new one.

  1. Log in to your account at https://energizeco.fluxx.io/
  2. Click Submitted on the left side of your screen. If you would like to print a copy of the application, click the printer symbol in the upper right corner.
  3. To create a new application, click the Withdraw button in the bottom right corner to withdraw your old application.
  4. You will be able to view the withdrawn application by clicking Withdrawn on the left side of your screen.
  5. To start your new application, click the Apply Now button on the bottom left side of the screen.
  6. Read the instruction and click on the green Apply Now button again to begin a new application.

How do I submit an Eligibility Inquiry? 

  1. Login to your account at https://energizeco.fluxx.io/
  2. Click Eligibility Inquiry Form in the left navigation 
  3. Click your business name in the center of the screen (above the application number)
  4. Click EDIT in the upper right hand corner of the Eligibility Inquiry Form
  5. Answer the five eligibility questions. 
  6. Once the questions are answered correctly for your business, click SAVE in the bottom right corner. 
  7. Review the questions and answers and if they are correct for your business or nonprofit, click SUBMIT in the bottom right corner. 
  8. There will be a Note for Submit popup, add a note or click OK to bypass. 

Here is a video on navigating the eligibility section of the application: https://youtu.be/iDZt1Ye22LA

Is there a printable application?

Yes, a pdf of the application is available for download here.

Where can I submit a paper application? 

We highly suggest your application be submitted online at energizecolorado.com/gap-fund so you can track the status of your application and receive email updates.  

If you cannot submit your application online, you can mail your completed application to the address below.  The application must be received by October 26, 2020 to be considered in the next round of applications.

Colorado Lending Source

Attn: Gap Fund

1441 18th Street, Suite 100, Denver, CO 80202

You can fax your application to: 303-657-0140

Subscribe to our newsletter and Gap Fund updates here.









Subscribe to our newsletter and Gap Fund updates here.