Arvada Emergency Business Recovery Initiative –
The City of Arvada has announced an initiative to support Arvada businesses as the community continues to respond to the COVID-19 health crisis. Developed in partnership with the Arvada Economic Development Association (AEDA), the Arvada Urban Renewal Authority (AURA) and other partners, the Arvada Emergency Business Recovery Initiative offers support for Arvada businesses coping with the economic impacts of COVID-19.
Emergency Small Business Loan Fund
The City has created a $2.5 million loan fund to help qualifying businesses stay afloat until funding from the Small Business Administration (through the CARES Act) becomes available. The City will award no-interest loans of up to $10,000.00 from the fund to qualifying small businesses.
How do you know if your business qualifies
A business may apply for the fund if it:
Businesses with more than one physical location in the City of Arvada may apply for the program for one location only. For purposes of estimating FTEs, the FTE count shall be based only on the specific location applying for the program. Corporately-owned national chains may not apply for the program; however, locally owned franchise owners/operators are allowed to apply. Loans will be awarded only to for-profit businesses.
How it works
Qualifying businesses may apply for a loan of up to $10,000.00 at no interest. Repayment of the loan will be deferred until Jan. 1, 2021. If 75 percent of the loan is paid by Dec. 31, 2021, the remaining 25 percent of the loan (up to $2,500.00) will be forgiven. Each Borrower must agree to be bound by the terms and conditions of the Fund program.
Loan proceeds will be paid directly to the applicant business. Loan proceeds may be used for any legitimate business expenses in accordance with state and federal law, including but not limited to: rent, payroll, inventory, and other monthly expenses.
Loans will be awarded generally on a first-come, first-served basis based on the time a qualifying business’s application is filed with the City, subject to funding availability. However, the City reserves the right to award loan funds to support participation across every area of the City as well as to support diverse business types.
How to apply
The application period begins Monday, April 13, at 8 a.m. Applications received before this date and time will not be accepted.
To submit an application, download, complete and scan the Emergency Business Loan application form, and email it, along with a copy of an IRS W9 Form, to BusinessRecovery@arvada.org. All applications must be submitted by May 30, 2020.
The program is administered by the City of Arvada Finance Department. Questions regarding the program should be directed to businessrecovery@arvada.org. 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 bizinfo@arvada.org.
