Frederick Business Recovery Plan
Town of Frederick Business Recovery Grant
Grant Program January 2, 2021, to February 28, 2021
Grant Available Funding: $200,000 total with a $20,000 max grant award per business.
The Town of Frederick and Board of Trustees asked for and received feedback from local businesses to better understand the hardships and financial struggles impacting their livelihoods due to the pandemic and State of Colorado mandated restrictions. As elected officials and leaders, we know a healthy business community builds a vibrant community. We believe it is time to extend a lifeline to business owners needing help to recover, be viable in the long run and continue to call Frederick home.
On December 15, 2020, The Board of Trustees authorized the Frederick Business Recovery Plan, a two-month grant program to support brick-and-mortar businesses in the Town of Frederick affected by the COVID-19 restrictions dated November 20, 2020. The Town has allocated $200,000 in funds from the Oil Royalty Trust Fund as defined in Municipal Code Section 4-59. The Board of Trustees for the Town of Frederick designates the Frederick Oil Royalty Trust Fund to be used to support the Frederick High School Scholarship Program, community organization grants, economic development programs, and those governmental purposes as the Board may be designated from time to time.
All applicants will be reviewed by the review team and the application does not guarantee a grant award or award amount. The Town may have a second round of funding depending on available revenue and community need.
Frederick businesses (in existence from January 2, 2020) that employ thirty-five (35) or fewer employees subject to the following:
• Business must have a physical address within Town of Frederick limits
• Business must operate out of brick-and-mortar premises (home-based businesses are not eligible)
• Business must have been in operation since January 1, 2020, or before
• Business must possess an active Town of Frederick business license
• Business must be in good standing with Town permits, licenses, fees, and taxes at the time of application
• Business must be registered and in good standing with the Colorado Secretary of State
• Business must have experienced and must be able to document a demonstrable hardship from closure, dramatic reduction in operations, or loss of revenue from government restrictions imposed on November 20, 2020, related to the COVID-19 pandemic
• Business can demonstrate how grant funding will support continued operations
All expenses incurred by grantees must have been or will be incurred between January 1, 2021, through February 28, 2021. Additionally, all expenses must be deemed reasonably NECESSARY to relieve impacts from government restrictions imposed on November 20, 2020, related to the COVID-19 pandemic and ensure business viability.
• Commercial lease/mortgage
• Utility payments
• Payroll and employee benefits
• Other expenses demonstrated as a need by the applicant and agreed upon by the Town’s grant review panel.
After application review, potential grantees will be required to provide documentation of:
• Verifying commercial lease/mortgage, utility, and payroll payments. Documents may include, but not limited to:
• Banking documents
• Lease/mortgage documents
• Payroll reports
• Reports from Accounting Software
• Payroll Tax Filings
• Utility statements
• Proof of Payment for Expenses
• Documentation that business is registered and in good standing with the Colorado Secretary of State
• Conflict of Interest Disclosure
• Signed award letter certifying business is meeting terms of the program
The Town is responsible for:
• Originate grant funds
• Promote application availability
• Accept, review, and underwrite applications
• Collect required documentation from grantees
• Ensure timely disbursement of funds
• Maintain agreement documents and fiscal records
• Administer grant funds
• Ensure compliance with program guidelines
• Provide program updates to Town Board of Trustees
The Town of Frederick does not discriminate or disqualify business applicants based on age, race, ethnicity, country of origin, marital status, familial status (number or ages of children, pregnancy), gender identity, sexual orientation, religion, physical or mental disability, or other arbitrary cause.
All personal and business financial information will be kept confidential to the extent permitted by law.