Business financing in Teller County.

Small business financing is money you borrow — or receive — to start, run, or grow a business. It comes in several forms.

**Loans** are the most common. You borrow a set amount and repay it over time, with interest. Loans can come from banks, credit unions, Community Development Financial Institutions (CDFIs), or online lenders.

**Lines of credit** work like a credit card for your business — you draw what you need and only pay interest on what you use. These are useful for contractors who have uneven cash flow between jobs.

**Microloans** are small loans — often $500 to $50,000 — designed for very small businesses or startups that don't yet qualify for a traditional bank loan.

**Grants** are funds you don't repay, but they are competitive and usually tied to a specific purpose — hiring, equipment, or serving a particular community.

**Equipment financing** lets you purchase tools, vehicles, or machinery using the equipment itself as collateral, which can make approval easier.

For Teller County businesses — a roofing contractor in Woodland Park, a short-term rental owner in Cripple Creek, a small retailer in Divide — the right product depends on how long you've been in business, whether you have a credit history, and how seasonal your income is.

Lenders look at a handful of core factors, and understanding them upfront saves time.

**Time in business:** Most traditional banks want 2+ years. CDFIs and microloan programs often work with businesses open less than a year, or even pre-revenue startups.

**Credit score:** A score of 650 or higher helps with conventional loans. But some CDFIs and credit unions use character-based underwriting — meaning they look at your track record, your community ties, and your plan, not just your score.

**Income documentation:** Lenders want to see that you can repay the loan. If your income is seasonal — common in Teller County's tourism and construction economy — be prepared to explain your annual revenue pattern, not just a single month.

**ITIN borrowers:** If you don't have a Social Security number but do have an Individual Taxpayer Identification Number (ITIN), you can still access financing. Several Colorado CDFIs and credit unions explicitly serve ITIN borrowers. Your ITIN can be used to open a business checking account, file taxes, and apply for a loan.

**Sole proprietors and LLCs:** You don't need a large corporate structure to qualify. Many programs in Colorado are designed specifically for solo contractors, family-owned businesses, and single-member LLCs.

**Teller County's economy:** The county's primary industries are tourism (especially around Cripple Creek's gaming and historic districts), construction and trades, outdoor recreation, and small local retail. Lenders familiar with this region understand seasonal revenue swings and the project-based income that many contractors earn.

Gathering your paperwork before you apply makes the process much faster. Requirements vary by lender, but here is what most will ask for:

**Identity documents**

- Government-issued ID (driver's license, passport, or consular ID)

- Social Security number or ITIN

**Business documents**

- Business license or registration with the Colorado Secretary of State

- EIN (Employer Identification Number) from the IRS — you can get this free at IRS.gov

- Articles of incorporation or LLC operating agreement (if applicable)

**Financial documents**

- Last 2 years of personal tax returns

- Last 2 years of business tax returns (if in business that long)

- 3–6 months of business bank statements

- Current profit and loss statement (a simple one you create is fine for smaller loans)

- A list of any existing debts — business or personal

**For startup or early-stage businesses**

- A simple business plan: what you do, who your customers are, how you'll make money, and how you'll repay the loan

- Personal financial statement

**For contractors**

- Copies of recent contracts or signed bids can substitute for formal financial statements in some microloan programs

If you're missing some of these items, don't wait — call the lender or CDFI first. Many will tell you exactly what they need and help you pull it together.