Rent, mortgage aid available to Loveland businesses

LOVELAND, Sept. 10, 2020 – An estimated 100 Loveland businesses could benefit from a $550,000 rent relief fund established by the City of Loveland Economic Development Department to provide pandemic-related rent and mortgage aid.

The City’s local economic recovery efforts, developed through careful consultation with local businesses to cope with COVID-19 economic impact, now include the Loveland Business Rent and Mortgage Relief Program (LBRMP).

The program will provide rent payments directly to a landlord or, in the case of an owner-occupied property, to a lender. Awards will not exceed $7,500, and will vary based on the monthly lease or mortgage amount as well as the methods businesses utilize to re-invest the aid in their enterprises. Rent relief assistance will be awarded based on COVID-19 impact, business impact on community, and business viability for 2020-21.

To be eligible for the program, businesses must:
• Be registered Colorado small businesses or sole proprietorships, including LLCs, S-Corps, independently owned franchises and other business types;
• Demonstrate economic hardship caused by the COVID-19 pandemic;
• Operate within Loveland’s city limits;
• Have 100 or fewer full time equivalent (FTE) employees;
• Be current on all payments to the City of Loveland, including but not limited to sales tax, lodging tax and water and electric utility payments.
• Not have received rental assistance through the separate Loveland Downtown Development Authority rent aid program.

The following documents be submitted with applications:
• Copy of current rental/lease agreement;
• Copy of most recent lease/rental payment;
• Quarterly tax filings for Q1 and Q2 of 2019;
• Quarterly tax filings for Q1 and Q2 of 2020;
• Cash-Flow Projections for 2020-21 could strengthen an application, but are not required.

Applications may be submitted beginning Sept. 15, 2020, and are available online at:
www.lovelandeconomicdevelopment.org/loveland-business-rent-and-mortgage-relief-program/

For additional information contact Jack Hill, Business Development Specialist, City of Loveland, by office phone at 970-962-2604, cell at 970-617-5262 or via email at jack.hill@cityofloveland.org.

Kat Rico