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New Beginnings MWBE Access to Capital Program for Minority Businesses affected by covid

In order to address the COVID impacts on minority and women owned business enterprises (MWBE), in Denver, NEWSED Community Development Corporation has been identified as a nonprofit partner to launch the “New Beginnings MWBE Access to Capital” program to provide small business grants, business and financial coaching while building credit, reducing debt, increasing savings and positioning the business to have access to mainstream financial capital and build financial resiliency.  Eligible small businesses will be recruited throughout the city and county of Denver.

Donor Name: NEWSED

State: Colorado

City and County: Denver

Type of Grant: Grant

Deadline (mm/dd/yyyy): 11/29/2021

Details:

As small businesses experience economic impacts related to COVID-19, the Office of Financial Empowerment and Protection (OFEP), in partnership with NEWSED, is making available one-time business stabilization grants for eligible small businesses most affected, for up to a maximum of $35,000. The program is currently focusing on businesses in industries primarily impacted, including retail (storefront), restaurant/food industry, personal care (barber shop, nail salon), healthcare & social assistance services (childcare & home health care providers), logistics small manufacturing and other businesses will also be considered on a case by case basis.

Industry Priorities

Industries where employees and customers have frequent and/or close contact within 6 feet of people who may be infected.

Eligibility Criteria

  • Minority Women Owned Business Enterprises (MWBE)
  • Minority owned businesses
  • Business operating within the City & County of Denver
  • Generate $1 million in annual revenue or less (for 2019)
  • Have 25 employees or fewer (at the end of 2019)
  • Have experienced a 25% decline in revenue in 2020 as a result of COVID-19 pandemic compared to an equal timeframe (3 months or quarter) in 2019.
  • Be registered with the Colorado Secretary of State’s Office. You can obtain a Certificate of Good Standing or Fact of Trade Name for your business
  • Be engaged in activities that are legal under Colorado and federal law
  • Meet program technical requirements including ability to provide financial records
  • Be in good standing with local, state and federal taxing and licensing authorities
  • Willing to participate in business and financial coaching

Businesses of all sizes in the City & County of Denver are experiencing impacts but given the limited resources available at this time, the COVID Relief Fund Project from the Office of Financial Empowerment and Protection will prioritize applications based on considerations of the following factors:

  • Located within the city and county of Denver
  • Percentage of revenue decline
  • Number of employees
  • Proposed use of financial assistance
  • Businesses trying to remain open and retain employees on the payroll
  • Efforts to implement new marketing strategies to adapt to COVID-19 conditions
  • Businesses who are seeking to re-purpose their business to serve the community during this period.
  • Businesses with annual revenues of $1 million or less
  • Rent instability
  • Businesses whose ability to apply for and receive traditional loans is limited
  • Businesses that are an essential business, healthcare operations or essential infrastructure as outlined in the Denver Mayor’s Executive Order.

For more information, visit Access to Capital Program.

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