2023 Small Business Capital Grants
To support and retain small businesses, the City of Lafayette is piloting a program to provide businesses with grants for capital improvements to expand or improve their current building.
Which businesses are eligible?
Any business is eligible to apply if they:
- Are located within the Lafayette city limits.
- Have 25 or fewer employees (total of full-time and part-time).
- Own their building or have an executed lease for at least three years.
- Are in good standing with the City of Lafayette and the State of Colorado.
- Meet the project eligibility requirements.
What types of projects are eligible?
Projects must consist of new real property improvements that are not yet started and can be completed before the end of the calendar year.
The City of Lafayette reserves the right to determine project eligibility.
All applicants will be expected to secure the required City of Lafayette permits for their project. These will vary but could include a Sign Permit or Building Permit for any electrical or plumbing work. Small Business Capital Grant funds cannot be used for permit fees.
How are the funds disbursed?
The City has $75,000 available for the 2023 grant cycle which will be disbursed on a first-come, first-served basis. Grants are capped at 25% of eligible project costs, and no grant can exceed $5,000. They will be provided to businesses on a reimbursement basis. Funds can only be used for projects that have not yet begun and are approved by the City using the established application process.
How do I apply for a grant?
If you have any changes to the proposed project once an application has been approved, you must notify the City of the change to ensure that it is still eligible for the Small Business Capital Grant. Failure to do so could result in the City not processing reimbursement once the project is complete.
What are the application requirements?
Each applicant must submit a completed application and:
- An estimated project budget, including cost estimates/bids (if applicable).
- Proof of property ownership or current, executed lease for at least three years. The total lease length must be at least three years, but it does not need three years left in the lease.
- A project narrative including any applicable project plans/drawings, renderings, or initial sign approval.
- Photo(s) of the area to be improved.
How are applications reviewed?
City staff will review applications on a rolling basis, in the order they are received, and make awards based on available funding. The City will review each application for eligibility with program requirements, alignment with the intent of the program, and ability to complete the project in a timely manner.