The Downtown Development Authority (DDA) announced the creation of a $150,000 fund to provide commercial rent assistance to downtown businesses affected by mandated closures due to COVID-19.
The Commercial Rent Assistance Project will provide grant funding to assist with May, June and July rental expenses as social distancing rules are relaxed. The DDA’s Plan of Development includes specific goals that allow the creation of this type of grant assistance project. The project is funded through sales and property tax increment dollars collected within DDA district boundaries and deposited into a special fund at the City of Loveland.
The Loveland Downtown District is the community’s heart, soul and active place of entrepreneurship. It is also an environment comprised of numerous small businesses that have struggled during stay-at-home orders. Individual grant awards will be in the range of $2,500 to $7,500 and the DDA hopes to assist approximately 30 local businesses with this project.
Eligible businesses must operate within the DDA district boundaries, and include restaurants, bars, breweries, retailers, art galleries, coffee shops, etc. National chains, some service businesses and businesses located above street level are considered ineligible.
Applications will be accepted from April 27 to May 5 and will be reviewed through a blind application process by a six-person evaluation task force. The DDA Board of Directors will have final decision-making authority on approval of grant awards and amounts. Awards are anticipated to be made in mid-May. All awards are contingent on final approval of project funding from the Loveland City Council.
To learn more about the Commercial Rent Assistance Project and apply online, visit downtownloveland.org/dda or contact Sean Hawkins, Executive Director at shawkins@lovelandpartnership.org or 970-699-2856.
