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There are a number of advantages to starting a business in the Centennial State, including a number of programs offered by the state to give you a boost when getting started.
Every year, more than 50,000 new LLCs are formed in Colorado. That puts the state in second on the list of top 10 states for entrepreneurship and innovation, according to the United States Chamber of Commerce. That’s a positive place to be if you’re thinking of starting a business in Colorado.
Because of the high volume of new business formations in Colorado, there are a number of resources to help with the process. From Colorado Small Business Development Centers all over the state, to accelerator programs like Boomtown and Techstars, there are a number of options to help small businesses develop the foundation for success.
To help facilitate the growth of small businesses, Colorado has a couple of programs for those just getting started. The first is the Microloan Program, which offers small loans to small businesses and startup companies in the state. Created by the state’s Economic Development Commission, the loans can vary from $5,000 to $5,000,000.
Loans are also available through the Colorado Credit Reserve that offers credit options through the Colorado Housing and Finance Authority (CHFA), and the Colorado Office of Economic Development and International Trade (OEDIT).
Funding helps, but more than just money is needed to make a business successful. One of the main reasons the state provides things like this is because many new businesses won’t make it. These things can help get your small business started, but there are plenty of other hurdles to clear along the way.
Making sure that your business is protected from outside creditors and predators means making sure everything is covered from a legal standpoint, as well. There are multiple business designations, and each one provides different benefits and advantages. Deciding which business designation is appropriate when forming a business in Colorado is something that should be done with consideration and research.
There are a number of things that might sound simple, but things like establishing legal guidelines between business owners and investors is something that needs more than a handshake. Discuss these specifics right from the outset with a knowledgeable business formation lawyer.
Creating a business is difficult enough, so making sure you utilize all of the benefits out there can help set you up for success. But you don’t have to navigate those alone. All of these are important topics to discuss with a business incorporation lawyer. Reach out to the business attorneys at Troxel-Fitch, your legal experts on business formation in Denver.