The Affordable Commercial Grant Pilot Program is an initiative launched by the City of Boulder, Colorado, aimed at enhancing opportunities for small businesses within the city's commercial centers. The program seeks to address the shortage of affordable commercial spaces, thereby supporting local businesses, particularly those owned by women and minorities, which have been disproportionately affected by the COVID-19 pandemic. The total funding available for this program is $850,000, with individual grants capped at a maximum of $300,000.
The primary purpose of the Affordable Commercial Grant Pilot Program is to foster the development of affordable commercial spaces that can accommodate small businesses. Eligible projects include new, expanded, or repurposed uses for currently vacant commercial spaces, as well as redeveloped facilities that offer retail, office, or industrial space at below-market rates. The program encourages collaboration between private commercial property owners or managers and the City of Boulder to create more accessible options for local entrepreneurs.
Funding from the program can be utilized for various purposes, including capital expenditures and rent subsidies for tenants. To qualify for funding, projects must be designed to ensure long-term affordability for tenants and must be located within the city limits of Boulder. Eligible applicants include property owners, commercial property managers, and business ventures with the legal authority to execute commercial leases. Projects that accommodate multiple tenants, such as shared retail or office facilities, are also eligible.
To be considered for the grant, applicants must meet specific eligibility requirements. Projects must have a total cost of at least $50,000 and result in durable improvements that have a useful life of at least 15 years. Additionally, all grant recipients will be required to enter into a contract with the City of Boulder that outlines the terms of the grant usage. For those receiving more than $25,000 in American Rescue Plan Act funding, registration in Sam.Gov and obtaining a Unique Entity Identifier number is necessary.
The application process involves submitting a proposal that addresses specific questions related to the project scope, anticipated outcomes, and how the project will benefit the community. Evaluation criteria will focus on the project's potential impact on local businesses, the sustainability of the proposed solutions, and the overall alignment with the program's objectives.
The deadline for submitting applications for the Affordable Commercial Grant Pilot Program is October 7, 2024. Interested parties are encouraged to review the program details and prepare their applications in advance of this date. For further information, applicants can contact Reegan Brown at the City of Boulder via email or phone. This program represents a significant opportunity for small businesses in Boulder to secure funding for projects that enhance their operational capacity and contribute to the local economy.
