How do the revised rules in the Bipartisan Budget Act of 2015 affect you and your business?
The Colorado Department of Local Affairs’ Recover Colorado Business Grant and Loan Program is accepting applications this month. The program has $9 million from the federal government to disburse to help organizations that have lost inventory, incurred physical damage to premises or equipment, or lost revenue from reduction in customer traffic.
Five million dollars is available for grants, and $4 million is available for loans.
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Organizations that have unmet needs of $10,000 or more can apply for grants up to $10,000 ($25,000 for organizations with multiple locations).
Those who have unmet needs of $100,000 or more are eligible for low-cost loans of up $50,000 with no principal or interest payments for the first six months after credit approval, said Nick Grossman, with the city of Boulder. “Grants can be used for working capital, inventory, machinery, furnishings, equipment, and payroll, and loans are limited to working capital and equipment.”
The fund is for organizations that have unmet needs after applying for other forms of flood recovery assistance from the Federal Emergency Management Agency, Small Business Administration and private insurance carriers. The priority will be given to organizations that create or retain low- and moderate-income jobs.
The online application will be available for 45 days. Funding will be awarded on a first-come, first-served basis. Visit www.dola.colorado.gov/cdbg-dr for more information.