LURA COVID-19 Small Business Microgrant Program
LURA COVID-19 Small Business Microgrant Program for
Businesses within the Old Town Urban Renewal Area
At the May 12 Lafayette Urban Renewal Authority (“LURA”) meeting, LURA approved a microgrant program to provide direct business recovery assistance to small businesses within the Old Town Urban Renewal Area that have zero (0) to fifty (50) employees, and that did not receive a grant award through the City of Lafayette’s COVID-19 Small Business Emergency Relief Grant Program. Businesses that were ineligible for the City’s grant program because they have less than two (2) employees are eligible to apply for this LURA microgrant program.
The purpose of this program is to provide some immediate financial support for small businesses experiencing financial hardship directly related to the COVID-19 public health emergency. Grants are to be used to pay legitimate and essential business operating expenses, including: rent/mortgage for the business’s physical location within the LURA Old Town Urban Renewal Area; utilities; insurance; or other adaptations to address re-opening.
This microgrant program is only available to businesses located within the Lafayette Old Town Urban Renewal Area. The revenues used to fund the program are legally restricted to use within the Area.
The microgrants are intended to provide short-term financial relief while businesses pursue other relief options. Grant funding should be one component of a business’s larger strategy for recovery from the impact of the COVID-19 public health emergency, and is not intended to be a business’s sole source of aid.
Complete applications meeting eligibility criteria will be reviewed by a committee in the order received. Applications can start being submitted at 8 am on Friday, May 22 with first review of applications received at noon on Wednesday, May 27.
Grant awards will be determined at the discretion of the Lafayette Urban Renewal Authority Small Business Microgrant Program committee based on the eligibility criteria and the responses provided in this Application, subject to availability of funds. Funds are limited and submitting an application is not a guarantee of a grant award. LURA may terminate the Program at any time, for any reason.
Program Eligibility & Requirements
1. The business must operate from a physical location within the boundaries of the Lafayette Old Town Urban Renewal Area.
2. Businesses that operated out of a residence (i.e. home-based businesses) are eligible for this program if the business is registered and in good standing with the Colorado Secretary of State.
3. The business may employ no more than 50 employees (as of May 1, 2020).
4. Applicants must not have received money through the previous City of Lafayette COVID-19 Small Business Emergency Relief Grant program.
5. Your business must be adversely impacted by the COVID-19 public health emergency.
6. Your business must have a plan for operational sustainability; i.e., a plan to ensure your business will continue to operate beyond the current COVID-19 emergency.
7. The business must have been registered with the Colorado Secretary of State before January 1, 2020.
8. The lease or mortgage must have been established prior to January 1, 2020
9. The business must be in good standing with the Colorado Secretary of State and the City of Lafayette.
10. In addition, you must provide the following documentation.
- Online application
- Narrative describing your business and the service or products provided along with the narrative questions outlined in the online application
- Certificate of Good Standing from the Colorado Secretary of State
- Copy of current lease or mortgage statement for the space in which the business is located
Successful applicants agree to provide LURA with feedback in the form of an online survey on the use and impact of the grant funds at 60 and 120 days after receipt of grant funds. The grant program will remain open until funds are exhausted or until the committee decides to close the program at their sole and absolute discretion