City launches $850000 grant program to boost local businesses

In a recent government meeting, officials unveiled a new grant program aimed at addressing the shortage of affordable commercial space and fostering opportunities for small local businesses. The initiative, which has a total funding pool of approximately $850,000, is designed to assist commercial property owners in renovating and improving vacant spaces.

The grants will be available to property owners who commit to leasing the repurposed spaces to multiple tenants at below-market rates. This program is particularly focused on downtown locations, leveraging funds from the American Rescue Plan Act and Cajun funding.

Applications for the grants were released on September 9, with a submission deadline set for October 7. Proposals can receive funding up to $300,000, with the possibility of higher awards for exceptional projects that align closely with the program's criteria. The review panel will evaluate applications from October 8 to 22, with decisions expected by the end of October. Agreements with successful grantees will be finalized throughout November.

Eligibility for the program includes requirements that projects must be located within Boulder city limits and involve multiple tenants, such as shared retail or office spaces. The evaluation criteria will focus on the project's impact on local small businesses, feasibility, and long-term affordability.

Grantees will be required to submit quarterly and annual reports detailing lease rates and tenant profiles to ensure compliance with affordability standards. The program aims to create sustainable commercial spaces that support the growth of local businesses while enhancing the community's economic landscape.