New Beginnings Capital Access and Opportunity for Minority and Women Owned Business Enterprises
A COVID Relief Fund Project from the Office of Financial Empowerment and Protection
City and County of Denver in partnership with NEWSED Community Development Corp Inc.
In order to address the COVID impacts on minority and women owned business enterprises (MWBE), in Denver, NEWSED Community Development Corporation has been identified as a nonprofit partner to launch the “New Beginnings MWBE Access to Capital” program to provide small business grants, business and financial coaching while building credit, reducing debt, increasing savings and positioning the business to have access to mainstream financial capital and build financial resiliency. Eligible small businesses will be recruited throughout the city and county of Denver. We have also secured a funder to continue support of the small business through a small dollar loan program through 2021. The grant with NEWSED will also include legal services for business lease re-negotiation/mediation and give legal advice if needed.
APPLICATION DEADLINE IS DECEMBER 15, 2020 at 5:00pm (1700 hrs.) MDT FOR THIS FUNDING ROUND, HOWEVER YOU ARE ENCOURAGED TO APPLY ASAP. Additional rounds for applications are anticipated with the next due date scheduled for 2021.
Once all the applications for this month’s application round are reviewed, we will contact you with a funding decision. We appreciate your patience as we process applications as quickly as possible.
As small businesses experience economic impacts related to COVID-19, the Office of Financial Empowerment and Protection (OFEP), in partnership with NEWSED, is making available one-time business stabilization grants for eligible small businesses most affected, for up to a maximum of $15,000. The program is currently focusing on businesses in industries primarily impacted, including retail (storefront), restaurant/food industry, personal care (barber shop, nail salon), healthcare & social assistance services (childcare & home health care providers), logistics small manufacturing and other businesses will also be considered on a case by case basis.
Given the daily changes in how the virus is impacting communities, OFEP’s response and eligibility criteria may evolve accordingly.
Award will be based upon availability of funds and a combination of factors including program eligibility, program priorities, and geographical disbursement, and on a first come first serve basis for businesses equally meeting all factors under consideration.
- Minority Women Owned Business Enterprises (MWBE)
- Minority owned businesses
- Business operating within the City & County of Denver
- Generate $1 million in annual revenue or less (for 2019)
- Have 25 employees or fewer (at the end of 2019)
- Have experienced a 25% decline in revenue this year as a result of COVID-19 pandemic compared to an equal timeframe (month or quarter) in the previous or current year
- Be registered with the Colorado Secretary of State’s Office. You can obtain a Certificate of Good Standing or Fact of Trade Name for your business at this link here: https://bit.ly/2VL7v0B If your certificate is expired or delinquent, you may update the status using the appropriate form found here: https://bit.ly/2RUi5Bk. Call the Secretary of State’s office if you need assistance at 303-894-2200 & press 2; or email: busi
- Be engaged in activities that are legal under Colorado and federal law
- Meet program technical requirements including ability to provide financial records
- Be in good standing with local, state and federal taxing and licensing authorities
- Willing to participate in business and financial coaching
Industries where employees and customers have frequent and/or close contact within 6 feet of people who may be infected.
- Retail (storefront)
- Restaurant/food industry and other hospitality
- Personal care (barber shop, nail salon, gyms etc.)
- Health care & social assistance (childcare and home health care providers)
- Small manufacturing
Businesses of all sizes in the City & County of Denver are experiencing impacts but given the limited resources available at this time, our COVID Relief Fund Project from the Office of Financial Empowerment and Protection will prioritize applications based on considerations of the following factors:
- Percentage of revenue decline
- Number of employees
- Proposed use of financial assistance
- Businesses trying to remain open and retain employees on the payroll
- Efforts to implement new marketing strategies to adapt to COVID-19 conditions
- Businesses who are seeking to re-purpose their business to serve the community during this period.
- Businesses with annual revenues of $1 million or less
- Located within the city and county of Denver.
- Rent instability
- Businesses whose ability to apply for and receive traditional loans is limited
- Businesses that are an essential business, healthcare operations or essential infrastructure as outlined in the Denver Mayor’s Executive Order.
Other assistance and tools may be available for businesses not qualifying under the New Beginnings Capital Access and Opportunity for Minority and Women Owned Business Enterprises. Contact us at 720-944-2498 or if you have questions.