How do the revised rules in the Bipartisan Budget Act of 2015 affect you and your business?
The fund is intended to help the estimated 350 businesses in Larimer County that are struggling in the aftermath of the flood. The Small Business Recovery Fund was created in partnership with Blue Ocean Enterprises and the Richardson Foundation with support from the Bohemian Foundation.
The fund focuses on helping rebuild by distributing lump-sum recoverable grants of $5,000 to $50,000 to qualifying businesses.
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Recoverable grants are those that recipients are encouraged to repay in full or in part within five years or when their businesses return to viability, according to a release. The money recovered can then be redistributed to other businesses impacted by this or a future disaster.
To apply for a grant from the Small Business Recovery Fund, businesses must meet the following criteria:
- Headquartered and/or operating in Larimer County prior to Sept. 12, 2013, excluding the area covered by the Loveland Chamber of Commerce Recovery Fund
- Employ more than two and less than 100 employees
- Operate as a viable business for at least six months prior to Sept. 12, 2013, as demonstrated by financial statements and references
- Be current on state and federal taxes and in good standing in Colorado and the state of formation, if not formed in Colorado
- Be able to demonstrate impact by the floods and need in order for the business to return to viability
An independent volunteer panel of business leaders will review the applications and make recommendations about which companies should receive funding.
Applications are due by Jan. 24 and can be downloaded here.