City supports 256 businesses with Emergency Small Business Loan Funds
Today, the City of Arvada announced the suspension of the Emergency Small Business Loan Fund, as available funding has been distributed to qualifying small businesses. Applicants who qualify for funding, but were not able to receive funding will be placed on a wait list. Loan recipients who receive additional funding through the Small Business Association (SBA) or other sources are encouraged to repay the loan portion of these funds quickly so that the funds may be recirculated to other Arvada businesses in need.
Through this fund, the City was able to initially support 256 small, for-profit businesses with $2.5 million interest-free “bridge loans” of up to $10,000 each intended to help them stay afloat until the Federal funds flow into the community.
“I am extremely proud of the speed at which the City responded to this need,” said Arvada Mayor Marc Williams. “Arvada’s local businesses are vital to our community, and we will continue to share resources to support this important partnership during a challenging time.”
Local businesses that are still in need of resources are welcome to take advantage of additional components of the Arvada Emergency Business Recovery Initiative, which includes 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, the Arvada Economic Development Association (AEDA), the Arvada Chamber of Commerce and numerous other partners focused on business recovery.
“It is remarkable that the City stepped up at such a critical point to assist small businesses with $2.5 million in interest-free, partially forgivable “bridge loans” while they wait for Federal funds. Olde Town Arvada small businesses are the backbone of the community, and this funding is making a real difference while we all work together to get through this difficult time.” said Joe Hengstler, Executive Director of the Olde Town Arvada Business Improvement District.
Arvada businesses interested in learning more about the Arvada Emergency Business Recovery Initiative may visit www.arvada.org/BusinessRecovery or contact a member of the AEDA staff at 720-898-7010 or [email protected].