Second Round of Business Recovery Funding
APPLICATION WINDOW: The City will accept applications beginning on Sept. 21 at 8 a.m. The application deadline is Oct. 9 at 5 p.m. If you have questions or need additional support, contact the Arvada Economic Development Association at email@example.com or 720-898-7010.
The City of Arvada has announced the continued support for the local business community and continued recovery from the economic effects of the COVID-19 pandemic through a second round of business recovery funding. An additional $1.5 million in funding will be available. Read the press release.
The support is being offered in the form of grants from $1,000 to $40,000 depending on the size of the company and the nature of revenue loss. In allocating funding, the City may prioritize businesses that:
- are applying for the first time
- are disadvantaged
- are able to demonstrate losses including revenue loss projections
- have been most deeply impacted by the effects of the pandemic
This second round of support is an opportunity to target critical financial assistance to areas of the businesses community demonstrating the highest need based on how COVID-19 has affected them. In particular, a portion of the funds will be targeted to restaurants, which are critical to the community’s economic vitality and create unique character, a sense of place and an overall attractiveness for people who live, work or visit Arvada.
The funding is made possible through the Coronavirus Aid, Relief and Economic Security (CARES) Act to Jefferson and Adams counties. Arvada businesses are expected to use the grant funds based on requirements under the CARES Act.
- Participants must complete and return a CARES Act funding Second Round Business Recovery application form (including the W-9, the grant application and the terms and agreement).
APPLICATION WINDOW: The City will accept applications beginning on Sept. 21 at 8 a.m. The application deadline is Oct. 9 at 5 p.m.
Questions regarding the program should be directed to the Arvada Economic Development Association at 720-898-7010 or firstname.lastname@example.org.
Additional Resources to Support the Arvada Business Community Are Available
The City of Arvada, the Arvada Economic Development Association, the Arvada Chamber of Commerce and many other community partners have created the Arvada Resiliency Task Force to focus on the business community during the COVID-19 crisis. The group has developed a Coronavirue Business Toolkit and other resources to help local businesses and workers cope with the economic crisis caused by COVID-19.
The Arvada Chamber of Commerce is offering a free, basic level of service to all businesses called the #ArvadaStrong Membership. By signing up for this e-newsletter, businesses will be notified about the latest local funding opportunities and resources available to help businesses thrive during these challenging times. The email updates will provide information on Chamber initiatives, as well as those through partnerships with the Arvada Resiliency Taskforce, designed to help all businesses in Arvada be successful.
Sales Tax and Water/Sewer/Stormwater Utility Payment Plans
The City is providing additional relief to businesses in the form of deferred utility payments for up to 12 months. In many cases, penalties and interest will be waived. Businesses in need may also take advantage of a Payment plan of up to 12 months with no penalties applied. These payment plans are available on a case-by-case basis. To discuss sales tax payments, contact 720-898-7100 or email@example.com. For water bill payments call 720-898-7070.
Streamlined Regulatory Processes
The City anticipates that the updated Land Development Code will be approved by the Arvada City Council in early summer 2020. As a result of this update, a typical review process will be reduced from 12 months to 4 months. Process which requires City Council approval would be reduced from 12 months to 7 months.
Additional Commercial Lending Options
If your Arvada business is not eligible for or able to access the Emergency Small Business Loan Fund, additional financial resources to explore include:
AEDA COVID-19 Loan Program in partnership with Colorado Enterprise Fund - The program offers up to $25,000 for Arvada businesses to cover short-term working capital needs and serve as a bridge loan to other debt products as credit becomes available elsewhere and the credit market stabilizes.
Small Business Administration (SBA) Economic Injury Disaster Loans (EIDL) - The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
SBA EIDL Emergency Advance - In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
SBA Express Bridge Loans - Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loan or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for a decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
Paycheck Protection Program - The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll during the COVID-19 crisis. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
If you have a question or would like to discuss your options, please contact a member of the AEDA staff at 720-898-7010 or firstname.lastname@example.org. Additional COVID-19 resources and information to assist with your Arvada business and employee needs can be found in the Coronavirus Business Toolkit.
- by City Manager