As part of its COVID-19 economic recovery strategy, the City of Westminster’s Economic Development Department is partnering with Adams County’s Community & Economic Development Department to support the Small Business Stabilization Program to provide local businesses with grants up to $35,000, dependent on business needs, to retain jobs during the COVID-19 pandemic.
The grants for the Small Business Stabilization Program are paid for by the Community Development Block Grant (CDBG) program, which is funded by the U.S. Department of Housing and Urban Development (HUD) to improve the physical, economic, and social conditions for low- to moderate-income populations.
Due to the COVID-19 outbreak, HUD provided CDBG grantees, including the City of Westminster, guidance on infectious disease response and how to minimize community impact. Staff are working to reduce the negative impacts of the outbreak, and the Small Business Stabilization Program is one of the City’s tools in promoting long-term economic recovery in the community.
According to HUD’s guidance, CDBG funds can be used to assist for-profit businesses to avoid job loss caused by closures related to social distancing. Funding can provide short-term working capital assistance to small businesses to enable retention of jobs and provide organizational stability.
Local businesses can apply for a small business grant beginning Monday, June 22, at noon. These applications are being processed through the Adams County Community & Economic Development Department. Applications will be open until 50 applications are received and will reopen if more funds are available. Applicants may call 720.523.6200 or email CommDev@adcogov.org for more information.
Businesses must meet the following criteria:
- The business must have 1-25 full-time employees (FTEs) and been operating as of Feb. 12, 2019.
- The business must have a physical establishment and address within the City of Westminster; however, the address may fall in either Adams or Jefferson County.
- Businesses with more than one physical location may apply for the grant program for one location only.
- The business must have experienced a loss of revenue due to Public Health Orders enacted for COVID-19.
- The business owner must demonstrate how the grant will retain jobs – at least one full-time equivalent job (1,750 hours annually) or two permanent part-time jobs (at least 875 hours each annually) for individuals whose households earn 80% of the Area Median Income or less, as specified on the Small Business Stabilization Program website.
- Applicants must be able to demonstrate they were unable to obtain federal Small Business Administration assistance or did not receive enough assistance.
- Awards will be made on a first-come, first-served basis.
- The award amount will be determined based on the demonstrated need, up to $35,000.