The Boulder SBDC is Here to Help Your Small Business

The Boulder Small Business Development Center (SBDC) is a non-profit that provides no cost and confidential business consulting to small businesses. We are, or have been, small business owners, understand your challenges and are here to help. You can receive consulting services by registering at our website. Lead Consultant Dan King can be reached directly at 303.588.1762 or dan.king@bouldersbdc.com.

The Boulder SBDC routinely monitors special assistance programs for small businesses in the State of Colorado. You can find our current list at our website under Funding Opportunities. Check back for announcements on special training and programming.

Get Free Consulting from the SBDC

In addition to continued one-on-one online consulting services (available through www.bouldersbdc.com/consulting), one of our Lead Consultants, Dan King, will be available to meet in-person every Thursday from 8 AM to 12 PM at the Louisville Recreation Center (900 W Via Appia Way).  Feel free to just drop in, or to schedule a specific time, email Dan: dan.king@bouldersbdc.com.

Boulder SBDC has been actively monitoring the current disaster relief programs.  Dan and our other specialized consultants can help answer your questions and provide hands on guidance-- helping you decide which programs are best for you and how to complete your applications.  As new programs are offered, the team will have up to date information on what is available to small businesses.

Was Your Marshall Fire EIDL Loan Declined?

Data from the SBA indicates that many business loan applications from the SBA have been declined. The Boulder SBDC may be able to help. We recently learned that the SBA is primarily basing their first round of loan underwriting on 2020 data. The SBA wants to base their decision on the most recent verifiable information. For most businesses this means 2020 tax returns. If you think this happened to your business, we may be able to help. 
 
During the reconsideration phase, a business can explain any anomalies, non-reoccurring expenses, pandemic conditions or anything else that might explain why 2020 numbers don’t support the loan repayment, but other years will. The SBDC can help you present your case in the best light possible. Remember that the deadline for filing Marshall Fire EIDL disaster applications is not until September. There is still time to file an application, or request reconsideration. Additionally, businesses that received a COVID EIDL loan still have time to request an increase. The interest rate on a COVID EIDL loan is roughly one point higher but, depending on the specifics of your business, an increase to your COVID loan can be a viable alternative.

Questions About Paying Back Your COVID-19 Economic Injury Disaster Loan?

The Boulder Small Business Development Center (SBDC) has been receiving calls from small businesses who are struggling to understand the Payoff Balance on their Economic Injury Disaster Loans (EIDL). You can find the Small Business Administration’s (SBA) calculation of this balance by logging into your account in the Capital Access Financial System (CAFS).

For many businesses, that will be enough. But your bookkeeper, or accountant may struggle with reconciling your outstanding balance for reporting purposes. For these people, it helps to understand how the SBA is handling accrued interest and payments.

Continue reading for additional information, including answers to the following questions:

• How has the EIDL loan impacted my balance sheet?
• How is the SBA calculating my payoff balance?

Contact:

Dan King

Phone: 303.588.1762

Email: dan.king@bouldersbdc.com