Guiding Principles for Business Assistance

Encourage and support primary employers, diverse and high-quality retail and service establishments, with an emphasis on local businesses, that contribute to the sales and property tax base. The program is designed to aid businesses that demonstrate financial stress or disrupted operations, due to the public health crisis, who are trying to reopen, stay open and/or modify their business operations or facilities to serve customers in a safe way.

Weld County and participating communities have directed a portion of their Federal CARES Fund dollars to the Weld County Business Recovery Program. The majority of the funds available will be directly allocated to businesses. A portion will also be set aside for non-profit business support organizations (Chambers /DDA’s) who are providing COVID response/assistance to their communities.

Depending on the businesses financial need, assistance is available based on the below sliding scale up to a maximum $25,000. Additional amounts to be considered if additional funding rounds occur.

  • 1-10 employees – $10,000
  • 11-25 employees – $15,000
  • 26-50 employees – $20,000
  • 50 + employees – $25,000

Grant Application

Businesses that applied for previous federal and/or local Economic Relief Loans and/or Grant Programs may also apply for this program. However, grant funding for this program may not duplicate needs funded by other programs or grants received by the business/nonprofit. Applicants must acknowledge all other funding received and how that funding is being used.

Weld County Business Recovery Program grants will be provided on a reimbursement basis with appropriate documentation. Applications are not reviewed or approved on a first come, first served basis. Instead, applications will be evaluated based on completion of application (application must be fully completed), priority analysis, review of financial position and the ability of a business to leverage these funds most effectively through the recovery effort to achieve long term success.

An Application Review committee, compromised of stakeholders throughout Weld County, will determine eligibility and grant amount. Awards will depend upon the number of applicants, availability of funds, and demonstrated need. Once funding decisions are made, applicants will receive a notification which will outline all terms and conditions of receiving the grant. The program reserves the right to offer awards different from the specified amount requested. Round 1 Assistance applications close September 30, 2020; grant awards distributed by October 31, 2020. 

Eligible Businesses and Business Support Organizations

Minimum Qualifications for assistance include:

  • Must be physically located in Weld County
  • Must be established prior to February 1, 2020
  • Must be registered and in good standing with the Colorado Secretary of State
  • Must meet one of the following requirements:
    • 50% of the business owned by Weld County resident
    • 50% of the gross receipts originate in Weld
    • 50% of employees are Weld County residents
  • Must be able to demonstrate solvency (positive equity and net income) prior to February 01, 2020
  • Must be able to demonstrate financial stress, disrupted operations, or lost revenues as well as outstanding costs associated directly with impacts of COVID-19. See below partial list of eligible purposes.
  • If a nonprofit, demonstrate that programs target direct businesses support in communities impacted by COVID-19 and new public health guidelines
  • If nonprofit, must provide IRS Form 990 from 2018 or 2019

Grant Eligible Purposes

Funding may be used for the following purposes if costs have not already been reimbursed from other programs:

  • Disrupted supply network leading to shortage of critical inventory or materials.
  • Essential interior building repairs/upgrades or modifications necessary due to COVID-19 such as: updates to heating, ventilation, and air conditioning (HVAC) equipment to control air flow and quality, including system upgrades, air filters and purifiers, etc.
  • Unique Costs for maintaining or training the current workforce on COVID-19 procedures.
  • Increased costs related to COVID-19 prevention measures such as testing supplies, touchless payment systems, etc.
  • Lost Revenue due to COVID, as compared to the previous year
  • Company Utilities.
  • Rent/mortgage payment assistance.
  • Hardware & Software for remote workers.
  • Personal protection equipment like gloves, masks, hand sanitizer and disinfecting wipes, etc.
  • New equipment to facilitate effective sanitation, if needed.
  • Repayment of loans related to COVID-19 business survival (Debt Prior to March 1, 2020 not eligible)
  • Other COVID-19 related costs not already reimbursed by other business assistance grant programs.
  • Additional purposes for restaurants only: funds for websites and applications that accommodate contactless reservations, payments and menus; additional marketing efforts; takeout containers; outdoor tables, chairs, tents, railings and more to accommodate outdoor seating; and disposable menu printing, single-use condiments and other items required to comply with new state restaurant guidelines
  • Additional purposes for nonprofits only: Rental assistance and/or employee wages, with documentation that the need is the result of COVID-19.

Ineligible Businesses and Organizations

  • Hospitals
  • Churches
  • Schools
  • Liquor and marijuana retail stores
  • Institutions primarily engaged in lending.
  • Corporately owned national chains, unless you are an individually owned franchise operator
  • A passive business that holds real and/or personal property from which it receives rental income and does not provide sufficient services to be considered active.
  • Business primarily engaged in political or lobbying activities.
  • Insurance companies (insurance agents may be eligible).
  • Business deriving more than one-third of gross annual revenue from legal gambling activities.
  • Government-owned entity.
  • Business which presents live performances of a prurient sexual nature or derives more than 5 percent of its gross revenue from the sale of products or services, or the presentation of any depictions or displays of a prurient sexual nature.

Special Circumstances

All applications will be reviewed on a case-by-case basis. If you have any eligibility questions, please contact Upstate Colorado, (970) 356-4565

Recovery@UpstateColorado.org

Frequently Asked Questions

The Weld Recovery Fund provides grants for small businesses in Weld County that demonstrate financial need and exhibit a reasonable likelihood of surviving the adverse impacts of the COVID-19 pandemic. Local chambers of commerce are also eligible to apply for the fund.
Applications will open around August 25th, 2020. The precise date will be announced through various media channels.
The program will be funded by utilizing $2.3 million allocation from Weld County along with various local community CARES Act 2020 percentage of funds.
The maximum amount a business or chamber can receive is $25,000 dependent upon number of employees and reimbursable expenses.
The funds can be used for operating expenses such as payroll, accounts payable, rent, mortgage, personal protective equipment (PPE) for employees, and for marketing strategies (including creating an online presence and other sales alternatives).
Upstate Colorado Economic Development will process applications, disburse funds, and provide additional Recovery assistance referrals.

The funds will be awarded after the application period closes and eligibility is evaluated. Upstate Colorado staff will process applications which will subsequently be reviewed and approved by an independent committee, compromised of stakeholders throughout Weld County.

The business must meet the published eligibility requirements:

  • Must be a business whose principal place of business is located within Weld County
  • Must provide evidence of how business revenue has significantly decreased because of government

restrictions or other challenges due to COVID-19;

  • Must be in good standing regarding County or Community requirements (property taxes, personal property, etc)
  • These eligibility standards may be modified for applicants who are chambers of commerce with approval of the OBO Director.

Applicants must provide the following categories of documentation:

  • Application and Business Loss worksheet are the two required documents along with proof of expenses, provided that applicant provides a certification that documentation is true, complete and accurate.

o          Additional documentation may be required as requested by Upstate Colorado Economic Development. Examples of potential requests include:

  • Profit and Loss Statement for Second/Third Quarter 2020 (March through August)
  • Profit and loss statement from Second/third Quarter 2019 (March through August)
  • Any other documentation requested
In addition to meeting core eligibility requirements, Upstate Colorado will implement a scoring matrix that will prioritize businesses based on categories which include, but are not limited to, financial need, geography, access to capital challenges, resiliency and job retention impact.

To allow fairness across industry and business sectors, applications will be scored using an application that will take into consideration business size, cash flow and capital on hand. The business profile will include the following factors – each of which will receive a score:

  • Where the business is located
  • Whether the business has demonstrated challenges with obtaining business financing through traditional financial sources

o          Ex. (Businesses that have received no other COVID-related relief funds or those that have           received insufficient funding from other sources;

  • Whether the business employs low- to moderate- income residents
  • Whether a business’ recovery and resiliency plan shows that the business has a strong chance of surviving during and post-COVID-19.
  • Whether the business employs low- to moderate- income residents

Businesses that meet several of these factors, as well as establish guidelines that they have experienced a significant decline in revenues due to COVID-19, will be prioritized for grants.

Applications will be processed over a 30 day period, with projected final disbursements of grant funds in October of 2020.

Non Profit organizations who have defined operational assistance related to COVID 19 recovery efforts to businesses in Weld County are also eligible to apply.  Non Profits should complete the application to the best of their ability.