Enhance Broomfield Program Overview
Many Broomfield small businesses continue to be negatively impacted by changes in customer market demand and governmental actions enacted to protect the public health and alter the spread of the COVID-19 pandemic within the United States, Colorado, and Broomfield.
The Enhance Broomfield Modified Grant Program is designed to assist local small businesses with support grants of up to $7,500 per business. The expectation is the average grant would be about $4,000, and any business could only receive one grant in a calendar year. As the program is continuing in 2021, those businesses that received an award in 2020 are eligible to apply again for 2021 support.
This program is intended to promote business success, resulting in employee retention, business and tax revenues, and sustaining business activity. This program is for businesses located within the City & County of Broomfield only. The grant application process has now begun, and applications will be considered on a rolling basis. There are limited funds available for this program, and awards will be made based on demonstrated financial need and potential for future business viability (as demonstrated through the application and the requested supporting materials).
Applications may be submitted at any time, and will continue to be accepted until available funds are exhausted. Applications will be reviewed first by Broomfield's staff for completeness and eligibility. All applications and associated materials will be considered confidential, working papers. Following a determination of eligibility, applications will be reviewed and scored by the Review Committee which is comprised of City and County of Broomfield staff and representatives from the local business community. A critical criterion for evaluation of the application will be a demonstration of the financial need due to impacts from COVID-19 market changes and the viability of the business to continue throughout 2021. Following evaluation by the Review Committee, the City and County Manager shall have the final action for any application to award, approve, defer, or deny. The application has been designed, along with the requested supporting materials, to be similar to the Small Business Administration program application information requirements.
Use of Funds
These cash grants are designed to assist eligible small businesses that may have temporarily closed, having difficulty with paying their rent and utilities, or have or are considering reducing staff (number or hours). Eligible uses of funds include direct business expenses related to the continued operation; such as payroll, inventory or supplies, lease rent, and utilities for the business.
● Business located and operating in Broomfield, with no more than three locations (with one in Broomfield).
● Are in good standing with both the City and County of Broomfield (e.g. not in default on any taxes) and the CO Secretary of State
● Providing services to Broomfield residents or producing goods/products within Broomfield.
● Have no less than 2 full-time equivalent (FTE) employees, of which one must be non-related person, and no more than 25 employees.
● Demonstrated business/financing need, including but not limited to:
1. Documented loss of sales declines from March 2020 or forward
2. Previous financials (sales receipts) for 2019 and 2020, and
3. A summary of accounts and financial resources on-hand (such as funds on deposit or other easily liquid assets).
● Application must demonstrate a business strategy for ensuring or returning to business viability through 2021, this strategy should include:
○ Summary business plan, highlighting strategies for sustaining and growing the business and surviving in the immediate market disruption (2-3 months) and will adjust the business to ensure long-term viability.
○ Evidence of commitments for capital resources to ensure business sustainability (such as a letter of commitment from a financing lender or equity investor).
○ Explanation on the intended uses of the business support funds, which may include business expenses (such as, payroll, inventory or supplies, lease rent, and utilities).
● Preferences will be given to locally-owned, operated businesses.
Terms of Grant Funding
1. Businesses receiving grant funds agree to provide responses to program surveys/updates in a timely and complete manner.
2. Any business receiving a business support grant shall commit to achieving an employment level of at least at 50% of the February 2020 employment, within 60-days of the business grant award (or provide an explanation of why the timeline was missed, and when the goal will be achieved).
3. All granted funds shall be used solely in the furtherance of sustaining and the success of the Broomfield-located business operation.
4. Other terms may be identified as part of the funding award.
Awards and Disbursement of Funds
Awards will depend upon the number of applicants, availability of funds, and demonstrated need. Once funds for the program are depleted, the program will be suspended pending additional funding. Applicants that are awarded funding under the program will receive a project award notification which will outline all terms and conditions of the award including: deadlines, submission requirements, and eligible expenses.
Awardees will be required to submit a W-9 to the City and County of Broomfield, and will receive a 1099 Tax Form for inclusion in their annual tax preparation.
While funding for this program is utilizing City and County of Broomfield General Funds, CCOB at its sole discretion may seek reimbursement of this program utilizing other funding sources, such as Federal COVID funding.
The City and County of Broomfield reserves the right to make awards different from the specific amount(s) requested. Release of funds may take up to four weeks.