Recover Colorado Businesses Grant and Loan Programs available for businesses and non-profits affected by #COflood

Plume of subtropical moisture streaming into Colorado September 2013 via Weather5280
Plume of subtropical moisture streaming into Colorado September 2013 via Weather5280

From the Sterling Journal Advocate (Callie Jones):

Businesses and non-profits affected by the South Platte River flood last year are getting more help, through the Recover Colorado Businesses Grant and Loan Programs, part of the Community Development Block Grant Disaster Recovery Program.
Dick Pickett, executive director of the Northeast-East Central Small Business Development Center, and Jeff Kraft, of the Colorado Office of Economic Development and International trade, gave a brief presentation about the program to a small crowd at the Gary DeSoto Building on Thursday.

Kraft explained the CDBG-DR program is one the U.S. Department of Housing and Urban Development’s (HUD) main programs, in which they provide assistance to communities in various ways – housing, infrastructure and economic development.

States can apply for funds from the program by developing an action plan, based on what their needs are. Colorado applied and will be receiving $62.8 million, which will be split up between housing, infrastructure and economic revitalization. Of that $62 million, approximately $9 million will go toward small businesses.

In addition to those funds, the state will also be receiving another $199 million at some point.

Kraft noted the philosophy of this program is to be more flexible in what it can cover than many other types of funds, though there will still be some federal strings attached. He also said “it’s designed to cover a small slice of unmet needs after other funding sources have been used and exhausted.”

Through the Recover Colorado programs, businesses and non-profits that suffered substantial economic harm from the flood can apply for economic revitalization funding. Grants of up to $10,000, or $25,000 for entities with multiple flood impacted areas, and loans of up to $50,000 with favorable terms will be awarded. The grants do not have to be paid back.

Approximately 80 percent of funds will be allocated to the three most impacted counties: Boulder, Larimer and Weld.

“So, you’re saying ‘I’m here in Sterling, that’s not going to help me’. We know Sterling is one of the most impacted areas in the remaining 20 percent, so absolutely there will be substantial funds available for Sterling businesses,” Kraft said.

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