Small businesses in Boulder looking for affordable commercial spaces might just find a lifeline in the City's latest initiative. The City of Boulder has kicked off the Affordable Commercial Grant Pilot Program, designed to economically empower local businesses by supporting property owners and managers who are planning to create or enhance commercial spaces that will be offered at below-market rates.
According to the City of Boulder, the program is turning an eye to the ever-rising costs of commercial real estate that have only been aggravated since the pandemic and aims to specifically assist women-owned and minority-owned businesses that bore the brunt of the economic downturn. Opening applications to those with project sites within Boulder city limits, the city anticipates further bolstering properties within the Central Area General Improvement District (CAGID). Applicants have a chance to quickly receive grant funding, with the condition that they will continue to provide rent subsidies or invest in capital projects that appeal to future tenants.
The city has officially announced a pilot program that will assess each applicant based on their support for small businesses, promotion of diversity and inclusion, and overall economic impact on the local community. Grant recipients can use the funds to make tangible improvements on their property or to reduce rent costs for businesses.
City Manager Nuria Rivera-Vandermyde said, as per the City of Boulder, "Following the COVID-19 pandemic, many office spaces in our downtown and urban centers remain under-utilized. The city is focused on partnering with our business community to find creative ways to, quite literally, bring back life to vacant spaces into more affordable commercial opportunities for local businesses." The hope is that this initiative will not only provide relief for business owners but also catalyze a new wave of innovative and diverse commercial ventures.
Application submissions for the program began on Monday, Sept. 9, and will close by 11:59 p.m. on Monday, Oct. 7. Those interested in applying or learning more about the Affordable Commercial Grant Pilot Program can visit the program's webpage. The program benefits from the financial backing of the American Rescue Plan Act (ARPA), setting a promising precedent for how pandemic relief funds can be used to fuel local economies.
