Arvada Offering $2.5 Million In Loans For Local Small Businesses
ARVADA, Colo. (CBS4) -- Financial help is starting to trickle in for small businesses across the state that are struggling to keep revenue flowing in during the COVID-19 pandemic. The City of Arvada is now offering a $2.5 million relief fund for local shops.
The Arvada Emergency Business Recovery Initiative, which includes the creation of an Emergency Small Business Loan Fund, provides interest-free "bridge loans" of up to $10,000 for local, for-profit businesses with fewer than 50 employees.
"We know it's tough out there and we hope that this bridge loan will really get people over the hump until they get the federal money," explained Marc Williams, the Mayor of Arvada.
The hope is that these loans will offer small businesses a faster recovery from the negative impacts of COVID-19. The application process opened up on Monday, and requires little paperwork to ensure business can complete it easily.
"It's going to be designed to push the money out as quickly as possible," Williams said.
Local small businesses in Olde Town Arvada, immediately applied on Monday morning. Scott Spears owns five small businesses in the area and he said sales are suffering.
"I'm terrified, I mean it's hard," he told CBS4. "We had to lay off about 90% of our staff."
Two doors down from his ice cream and candy shop Scrumptious, is an artisan jewelry store, Balefire. The shop owner said just last month they celebrated moving to a new location and expanded their business.
"We are not getting walk-in traffic, people are not spending in the same way," explained owner Jamie Hollier. "It's really hard. This business is a passion project for me."
Hollier said she applied for the Emergency Small Business Loan Fund as soon as it opened up on Monday.
"It makes a huge difference, what they're doing in Arvada," she said "Their commitment to small businesses could be the difference between whether we survive or don't. Flat out."
The City of Arvada is funding in partnership with the Arvada Economic Development Association and the Arvada Urban Renewal Authority.
More information about applying for the loan: www.arvada.org/BusinessRecovery.
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*Editor's note: City officials told CBS4 on Tuesday, they received 193 applications from business owners, 79 of which have been approved. Checks will start going out on Wednesday.
