City and County of Denver, CO

05/16/2022 | Press release | Distributed by Public on 05/16/2022 08:29

Denver Releases $5M in ARPA Funds for Small Business Grants

Denver Releases $5M in ARPA Funds for Small Business Grants

Published on May 16, 2022

Denver releases $5M in ARPA funds for small business grants, capacity-building assistance

DENVER - May 16, 2022 - In a substantial boost to its ongoing recovery work for local small businesses, Denver Economic Development & Opportunity (DEDO) in partnership with Mile High United Way is now accepting applications for assistance through a $5M program to support and sustain small businesses facing displacement, disruption from construction, operating challenges, or neighborhood safety-all factors exacerbated by the pandemic.

As a contracted partner, Mile High United Way will administer the program citywide, engaging a network of experienced community partners to deliver business supports and tools.

"Denver is proud to continuously refine and expand its ambitious small business relief and recovery systems, with this latest funding opportunity representing the best practices we've developed over the past two years," said Mayor Michael B. Hancock. "Combining cash assistance with intensive capacity-building services for disadvantaged small businesses makes this our most comprehensive, targeted business recovery program yet."

Assistance will take the form of grants up to $15,000 as well as targeted technical assistance in areas like eviction, lease negotiation, and other urgent issues-all to help struggling small businesses survive today and better withstand future economic disruptions.

Grant and technical assistance categories include:

  • Stabilization: To mitigate post-pandemic operating challenges such as depleted cash reserves, a shrinking customer base, supply chain problems, and hiring issues.
  • Activation: To increase safety and revitalize neighborhoods by addressing the compounded problems of increased vacancies, service gaps, and blighted commercial corridors.
  • Anti-displacement: To help businesses affected by public construction projects with replacement revenue, lease negotiations, eviction prevention, and better security systems. Relocation assistance will be available where impending new development makes remaining in place impossible.

"We believe that this broad spectrum of recovery assistance provides options for our small businesses, and while their individual needs vary greatly, one element all pandemic-affected small businesses have in common is that their challenges are ongoing. We're excited to get these much- needed federal dollars into the hands of our small businesses," said Jen Morris, DEDO Executive Director.

"This wraparound approach of both grants and custom technical assistance from community-based partners in this program gives us confidence that we can help prevent further businesses losses and amplify the recovery that is underway," said Tricia Allen, Vice President - Community Impact at Mile High United Way.

A range of eligibility factors include businesses located on the city's Neighborhood Recovery Index; businesses in the travel, tourism, or hospitality sectors, or businesses demonstrating at least an 8% loss of employees from pre-pandemic levels. Stabilization grant applicants will undergo a financial review to demonstrate pandemic revenue losses.

Applications and program information is available online. Applications are due by 5 p.m. on June 13, 2022.

About Denver Economic Development & Opportunity
Denver Economic Development & Opportunity works to ensure an inclusive and innovative economy for all Denver residents, businesses, and neighborhoods. Learn more atdenvergov.org/economicdevelopment.

About the American Recovery Plan Act (ARPA)
Denver's long-range plan for recovery includes direct distribution of $308 million in ARPA Local Relief Funds To date, Denver has received and allocated $154 million in ARPA funds to support city, community, and business recovery efforts. Denver solicited and received feedback from over 6,200 residents, Denver City Council, city agencies, the Mayor's Stimulus Advisory Committee, and the Mayor's Economic Recovery Council between May and September 2021 to inform the use of the city's first round of ARPA funds. The remaining $154 million is expected to be delivered to Denver in the third quarter of 2022. TheAmerican Rescue Plan Dashboardalso builds on nearly a decade of financial transparency work to show precisely how ARPA funds are being deployed. Federal law requires distribution of the funds by 2026.

About Mile High United Way
Working side-by-side with the community, Mile High United Way takes on critical human services issues facing our seven-county footprint including the Metro Denver, Boulder, and Broomfield communities. Through community programs and initiatives, MHUW supports families and focuses on three interconnected Community Priorities: giving all children a strong start, supporting education and academic success, and creating economic opportunity for all. Learn more atunitedwaydenver.org.

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