Greeley Area Recovery Fund uses taxpayer dollars, private funding to offer lifeline to local businesses
By Kelly Ragan
There may be some relief in sight for local business owners.
As statewide stay-at-home orders continue and local businesses struggle to keep employees and mortgages paid, the city of Greeley has partnered with the Greeley Area Chamber of Commerce to establish a fund to support local businesses.
“The City and Chamber both seek to provide more immediate relief to complement that which will be given from Federal sources,” according to materials provided by the board. “This relief can help to stem the gap as businesses are operating with critical weeks and days before their operations are irrevocably changed.”
So, where’s the money coming from?
Taxpayer dollars will account for $250,000. The city voted Tuesday to move that amount from the Redevelopment Incentive Fund to the Greeley Area Recovery Fund.
The Greeley Area Chamber of Commerce will also work to match the city’s offering, bringing in money from the private sector, bringing the total to $500,000.
How much money would local businesses get?
Local businesses will be able to apply for a grant up to $5,000.
According to the Greeley Area Recovery Fund website, the funds would have to be used for payroll costs, interest on mortgages, rent, utilities, operating costs and working capital.
How far would the money go?
That depends.
If all goes according to plan, there will be $500,000 to work with. If each business gets a $5,000 grant, the funds will cover 100 businesses.
At the meeting Tuesday, Councilmember Tommy Butler expressed concern over the amount.
“I haven’t heard a single business, as I’ve been telling them about this, that doesn’t want to apply, and I know there’s 120 to 150 small businesses just in the Downtown Development Authority range,” Butler said. “I think this isn’t enough, and I think we should do more.”
At the meeting, Butler moved to amend the city’s contribution from $250,000 to $500,000, but the motion died without a second.
As of April 10, the Greeley Chamber of Commerce had raised $30,000, said Bryce Jacobson, board chair and former Greeley Tribune publisher, at a public meeting.
The Optimist reached out to the chamber for an update on the figure Wednesday, but the chamber hadn’t responded by publication time.
To get to that $250,000 figure, the chamber will launch a fundraising campaign, said chamber Vice Chair Scott Warner at a public meeting April 10.
“We’ll make sure we have a large donor ask campaign strategy,” Warner said. “There are also people who would be happy to give $25, $100, or $1,000 to support local businesses.”
Who can apply?
According to the Greeley Area Recover Fund website, applicants must:
Be an investor in the Greeley Area Chamber (the chamber is offering a six-month complimentary investor status)
Be a locally owned business in operation for a minimum of six months as of the date of application
Demonstrate solvency with positive equity and net income prior to Feb. 29, 2020
Provide proof of application for at least one of the available federal relief programs, such as the SBA, Disaster Loan, PPP Loan, or EIDL loan.
How to apply for the fund or donate to it
To learn more about the process to donate or apply, go to https://greeleyarearecoveryfund.com/.