City announces $2.5 million in support of local businesses
Today, the City of Arvada announced next steps in its proactive approach to helping the local business community survive the negative economic impacts of the COVID-19 public health crisis. The City is launching the Arvada Emergency Business Recovery Initiative, which includes the creation of an Emergency Small Business Loan Fund, a $2.5 million fund available for interest-free “bridge loans” of up to $10,000 for local, for-profit businesses with fewer than 50 employees. These loans are intended to help small businesses stay afloat until the Federal funds flow into the community.
At its April 6 meeting, the Arvada City Council led the way, voicing strong support for the program, which the City is funding in partnership with the Arvada Economic Development Association (AEDA) and the Arvada Urban Renewal Authority (AURA). Together, the partners have created the Emergency Small Business Loan Fund to support small businesses through this challenging moment, setting them up for faster recovery.
Arvada Mayor Marc Williams said, “The City is in partnership with the business community. This is a time when the City needs to step up and assist our business partners to help them bridge the gap to federal funding.”
Small businesses may begin applying for the Emergency Small Business Loan Fund on Monday, April 13, at 8 a.m. Additional details about applying for the loan are available at www.arvada.org/BusinessRecovery.
“AEDA was established to support Arvada businesses. During this challenging time, the Board feels that by approving these funds and contributing them to the Arvada Emergency Business Recovery Initiative we are able to do our part to assist businesses in the community,” said AEDA Board President Ken Olsen.
In addition to the loan fund, the Arvada Emergency Business Recovery Initiative offers other components, including sales tax and utility payment plans, streamlined regulatory processes, and additional commercial lending options. The initiative is also supported by strategic partnerships, including with the Arvada Resiliency Task Force, a collaborative group including the City, AEDA, the Arvada Chamber of Commerce and numerous other partners focused on business recovery.
“The Arvada Urban Renewal Authority is pleased to team up with the City of Arvada and the Arvada Economic Development Association to support the small businesses of Arvada in this time of need,” said AURA Chair, Fred Jacobsen.
Arvada businesses interested in learning more about the Arvada Emergency Business Recovery Initiative and eligibility requirements to apply for the Emergency Small Business Loan Fund may visit www.arvada.org/BusinessRecovery or contact a member of the AEDA staff at 720-898-7010 or [email protected].