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 or state loans and grants under the CARES Act.
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, state, or local funding.
Applications will open in late October with updated eligibility requirements. We will be hosting 3 webinars in October to answer questions in English and Spanish.
For: Businesses disproportionately impacted by the pandemic
Amount: $1,500 to $10,000 per business
Application period: Late October
OEDIT division: Business Funding and Incentives
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 20% 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 or state loans and grants under the CARES Act
- 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, or private insurance.
Eligible expenses include:
- inventory purchases
- mortgage payments
- payroll expenses
- lease or rent expenditures
- service agreements
- COVID-19 related expenses
Businesses will be able to apply for this program in late October. The application window is still being determined. The application will be available in English and Spanish. The application will ask you to submit these documents over a two-year period:
- balance sheet
- profit and loss statements
- business tax returns
- personal tax returns
The application and award process is:
- Review eligibility to make sure you qualify and prepare your business’s financial documents.
- Complete the application on the Colorado Enterprise Fund website.
- The Colorado Enterprise Fund reviews the application and secure financial statements, tax returns, documentation, notes, and comments. They may contact you to request additional information.
- The Colorado Enterprise Fund sends approved applicants to OEDIT for review.
- OEDIT reviews applicants and confirms the final list of awarded applicants to the Colorado Enterprise Fund.
- The Colorado Enterprise Fund informs applicants of a decision and will distribute funds.
The Fax Partnership
Contact: Amlaku Estethie
Language assistance: Spanish, Amharic, Oromo, French, Burmese, and Wolof
Community Focus: East Colfax, Denver - Monaco - Yosemite
East Colfax Community Collective
Contact: Brendan Greene
Hispanic Chamber of Commerce
Contact: Monica Rodriguez
Language Assistance: Spanish
Community focus: Spanish speaking businesses
Latino Chamber of Commerce of Boulder County
Contact: Berenice García Tellez
Assistance: English and Spanish assistance
Contact: Vanessa Copple
Assistance: Serving rural Colorado entrepreneurs with a free online network at StartupColorado.org that provides access to business events, tips and templates, comprehensive funding database, scholarship opportunities, and a peer-mentor-expert support network.
African American Chamber of Commerce
Contact: Maya Wheeler
Language Assistance: Arabic, Amharic, Tigrinya, Dinka/Nuer, French, Oromo, Somali, and
Community Focus: The chamber offers technical assistance with training in business skills, completing documentation, business planning, operations, marketing, access to capital, employee recruitment, and specialty training (e.g., e-commerce, quickbooks, etc)