On March 25, the City of Aspen released a business information packet to all business licensees of the City. The packet is a resource guide, which also includes a plan for each Council member to serve as a liaison to an industry sector in Aspen. Read on...
- Small Business Loan Program
- Small Business Rent Grant Program
- General Business News
- Restaurant Information
City of Aspen Small Business Revolving Loan Program
Colorado Lending Source and the City of Aspen have partnered to create the City of Aspen Revolving Loan Program for small businesses. The Aspen City Council approved the creation of this fund to provide longer term, very low interest rate loans to businesses located within the Aspen City limits, including the Aspen Highlands Ski Area, who have been impacted by the COVID-19 pandemic. The intent of these loans is to better support Aspen small businesses with Coronavirus relief needs during these challenging times.
Loan amounts up to a maximum of $30,000 are available under this program at a 1% interest rate over a four-year (forty-eight month) term, with no payments of principal and interest due for the first six months. Funds available under this program are intended to specifically assist with COVID relief efforts.
Applicants must have a valid City of Aspen business license or be willing to obtain one, and be current with all taxes, fees, utility payments, etc. Formula stores are eligible to participate in this program if the owner of the local franchise resides in Pitkin County, including the City of Aspen, the Town of Snowmass Village, the Town of Basalt (Pitkin County portion), or the unincorporated portion of Pitkin County.
The only fee associated with receiving the loan is a $15 wire transfer fee, which will be withheld from loan proceeds at the closing when funds are transferred to the small business. The loan may be prepaid at any time without penalty. Personal guarantees from anyone owning 20% or more of an applicant small business will be required only on loans for $20,000 or more.
City of Aspen Small Business Revolving Loan Program Details:
Loans up to $30,000
1% interest rate
No repayments of principal or interest due during the first six months
No prepayment penalties
More information and to apply: https://www.coloradolendingsource.org/aspen
Small Business Rent Grant Program
The uniqueness and charm of Aspen is rooted in the small businesses that deliver extraordinary experiences – from dining and shopping, to recreational opportunities and home services. We recognize the devastating economic challenges small businesses now face which is why City Council approved the creation of the Small Business Rent Relief Grant Program.
Please make sure you are maximizing all federal and state grants and loans. These can provide some of the support you need right now. However, we recognize this may not be enough so we hope that this grant program will be another bridge toward your ability to reopen when our health situation allows.
Because of the urgency of the situation, this grant program was launched quickly. It is not perfect, but it does offer a great opportunity for you to keep operating and that’s the goal.
As of program launch, the Small Business Rent Relief Grant Program will put $1 million of taxpayer funds to support you and our small business generated economy. These funds are part of a larger program City Council approved in April 2020 to stimulate the economy and address recovery efforts. Council allocated more than $6 million to the program.
You can read the resolution and goals here. This Small Business Rent Relief Grant Program is a component of Council’s plan that fulfills some of the goals of outcome number four which is to, “Proactively and swiftly work to minimize further economic disruption and actively encourage its recovery.”
Below you will find more specific details about the program.
Deadline to apply is May 1 at 5 p.m.
Link to apply is at bottom of page. Please read this page thoroughly
What is included in the program?
This grant program provides rent relief for small businesses. Each grant offers rent relief is equal to one-third the monthly rent for up to three months, not to exceed a maximum award of $14,000.
Who is eligible for the program?
To qualify, a business must meet the below requirements:
a. Be currently closed by the Pitkin County Public Health Order or forced to dramatically limit operations and be unable to operate remotely. Businesses offering take away food are eligible, as well as businesses that deliver goods or products.
b. Have 35 or fewer full time equivalent (FTE) employees.
c. Have a physical location in the City of Aspen.
d. Possess a current City of Aspen business license.
e. Have a rent payment for the time period of April 1, 2020-July 1, 2020 due to a landlord to whom the business has no ownership interest.
f. Be current on all payments to the City of Aspen, including, but not limited to the filing and remittance of a business license, sales/lodging taxes, water utility payments, and electric utility payments.
g. Was open for business in Aspen on March 1, 2020; and have been in business for the 2019-20 winter season. Startup businesses in recent months will be considered on a case-by-case-basis.
h. Be open at least 32 weeks a year.
Any business which is deemed a Formula Business, as defined in Sec. 26.104.110 (c), Definitions – Formula Use, of the City of Aspen Land Use Code, shall not qualify for this program. Further businesses that are traditionally office in nature, such as accounting, law firms, property management, real estate professionals, etc. do not qualify.
How to Apply?
A business needs to complete the application. Information and documents listed below must be submitted in the application.
a. Paycheck Protection Program (PPP) details, such as status of application (in process, approved or declined) and the dollar amount requested and awarded), or evidence that PPP applications are no longer being accepted.
b. List of current business owners.
c. Copy of current lease.
d. Date business was established and a current certificate of good standing from the Colorado Secretary of State.
f. Most recent business Federal Income Tax Return (Income Statement, balance sheet and cash flow report).
g. A letter from your landlord stating there will be an aggregate (including CAM charges) rent reduction (not deferral) for at least three months equivalent to a minimum of one-third of the monthly rent, and waiving any future claims of a lease violation for the reduction of rent and CAM for the grant period. Financial kickbacks to the landlord or additional fees imposed by the landlord to the tenant will prevent the loan application from being approved.
Who will make the payments?
The City will make payments directly to landlords on behalf of the tenant.
If you have any questions, please contact email@example.com
General Business News
If you are a retail business, hotel, or restaurant owner or manager, please consider what resources your particular industry might have related to COVID-19 such as best practices you can find on industry related websites and membership organizations. In addition links to resources for businesses, schools and childcare, and community organizations from CDC may help.
Business Information Packet print version with links written out
Families First COVID-19 Response Act FAQ from Department of Labor
Small Business Development Center of Colorado - Northwest Office
Restaurant Specific Information
Restaurants - This letter went out on March 23 related to carry out alcohol and sales of non-food items.
Restaurants – This letter and information from Colorado Department of Public Health and Environment went out to restaurants from City Health Inspector March 17 about Governor’s Order to Close Restaurants.
Restaurants - This letter went out to restaurants from City Health Inspector March 12.