The Disproportionately Impacted Business Grant provides funding to Colorado businesses that were disproportionately impacted by the pandemic and did not receive meaningful access to federal loans and grants.
Businesses will receive a minimum of $1,500 and a maximum of $10,000. This grant is intended to cover expenses that have not been covered by other federal funding.
To be eligible for this grant, your business needs to:
• have been in existence as of January 1, 2020
• still be in operation in Colorado
• have at least one full-time employee,
which can be the business owner
• show at least 10% income loss since March 26, 2020 (compared to the prior year) as a result of the COVID-19 pandemic
• received less than $20,000 in federal loans and grants
• meet at least one of these criteria:
• have 5 or fewer employees, including the business owner
• be a minority-owned business
• be a business located in an economically distressed area (opportunity zone, enterprise zone, or historically underutilized business zone)
• have a business owner is located in an economically distressed area (opportunity zone, enterprise zone, or historically underutilized
business zone)
• have a business owner that has low or moderate income (less than $76,000 per year)
• have a business owner that has low or moderate personal wealth based on household net worth
• have a business owner that has had diminished opportunities to access capital or credit
Ineligible businesses include:
• short-term lodging businesses such as AirBnB rentals
• non-profit organizations
Businesses cannot receive grant awards greater than the net financial loss the business experienced due to the COVID-19 pandemic from March 26, 2020 to the date of application.
To determine how much money you can ask for, you will need to identify your financial need that has not already been met by other public or private funding sources like the Paycheck Protection Program, US Small Business Administration loans.
Eligible expenses include:
• inventory purchases
• equipment
• mortgage payments
• taxes
• furnishings
• payroll expenses
• lease or rent expenditures
• service agreements
• COVID-19 related expenses
• fixtures
• insurance
• consultants
• utilities
Businesses will be able to apply for this program starting on November 5 until November 21. The application will be available in English and Spanish.
Find out additional information or complete the application at https:// coloradoenterprisefund.org/dib-grantprogram
