Loveland Business Rent and Mortgage Relief Program

Loveland Business Rent and Mortgage Relief Program

To help support the local economic recovery, the City of Loveland Economic Development Office, through careful consultation with businesses, has created a $550,000 fund to provide commercial rent relief to businesses within the city limits. The Loveland Business Rent and Mortgage Relief Program (LBRMP) will provide rent payments directly to the Landlord, or if it is an owner-occupied property, directly to the Lender

Rent relief awards will vary based on the monthly lease/ mortgage amount, as well as how the Business intends to use the relief to re-invest in their business.  Awards will be made based on need and monthly base rent, not to exceed $7,500. We hope to be able to assist roughly 100 businesses with this program, subject to availability.

Please read the eligibility guidelines, required documentation and FAQ before starting your application.

  • Businesses must be a registered Colorado small businesses or sole proprietorships, including LLCs, S-Corps, independently owned franchises and other business types;
  • Businesses must demonstrate economic hardship caused by the COVID-19 pandemic;
  • Businesses must operate within Loveland’s city limits;
  • Businesses must have 100 or fewer full time equivalent (FTE) employees;
  • Businesses must 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.
  • Businesses must not have received rental assistance through the separate Loveland Downtown Development Authority rent aid program.

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Please mark all financial and proprietary documents as “Confidential”

  • Copy of current rental/lease agreement;
  • Copy of most recent lease/rental payment;
  • Quarterly Tax Filings (Form 941) for 2019 Q1 & Q2 or Annual Tax Filing (Form 1040, 1120, etc.) 2018;
  • Quarterly Tax Filings (Form 941) for 2020 Q1 & Q2 or Annual Tax Filing (Form 1040, 1120, etc.) 2019;
  • Cash-Flow Projections for 2020-21 (Not required, but will strengthen application)
  • Income statements, cash flows, profit and loss and balance sheets for 2019 – 2020 (Not required, but will strengthen application)

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Why are only city-limit businesses permitted to apply?
The funds for the Loveland Business Rent and Mortgage Relief Program come from the Federal Cares Act for the specific purpose of supporting businesses within the municipal boundaries.  Check with your respective city or county’s Economic Development office to see what business support programs are available.

How is this program funded?
The Loveland Business Rent and Mortgage Relief Program is funded through the Federal Cares Act funds distributed through the Department of Local Affairs (DOLA).

Can I save my application and come back to it at another time?
No, this application must be completed in one session. If you close out your window before submitting a completed application, you will have to start the process over again.

What documents do I need?
Before starting your application you will need the following documents to complete this application:

  • Copy of current rental/lease agreement with billing address
  • Copy of most recent lease/rental payment
  • Quarterly Tax Filings (Form 941) for 2019 Q1 & Q2 or Annual Tax Filing (Form 1040, 1120, etc.) 2018;
  • Quarterly Tax Filings (Form 941) for 2020 Q1 & Q2 or Annual Tax Filing (Form 1040, 1120, etc.) 2019;
  • Cash-Flow Projections for 2020-21 (Not required, but will strengthen application)
  • Income statements, cash flows, profit and loss and balance sheets for 2019 – 2020 (Not required, but will strengthen application.

Do I need to be a City of Loveland resident?
No, but your business must be physically located within the City limits of Loveland.

I own a business in Loveland and a business outside of Loveland– can I still apply?
Yes, but only for the business within City of Loveland city limits.

I own multiple businesses. Can I apply for assistance more than once?
If you have multiple businesses that are separate legal entities in Loveland, you may submit multiple applications.

If I apply for Federal SBA funding can I still receive City funding?
Yes. We encourage you to pursue all applicable supports. We understand that the barriers for SBA loans are high and the process is long. Even some businesses that are potentially eligible for SBA might not be able to hold on long enough for the SBA approval process. For this reason, the review team will consider the eligibility of businesses for receiving other sources of funds, as well as cash flow needs, to inform decisions for these situations.

If I receive this funding will I still be able to apply for other funding at the state and federal level?
Yes, you may only submit one application per business for the City program, but we encourage you to seek out additional state, federal, and other resources as applicable.

If my business is new and does not yet have tax return documents, can I still apply?
Please submit an attachment that documents your business’ revenue to be considered. Suggestions include an interim financial statement or a simple Profit and Loss statement that shows expenses and sales.

I don’t have a scanner. How can I get my tax returns and other documents into the application?
HubSpot accepts several file extension types, including pictures. If you do not have a scanner, you can take pictures of your documents and upload them. Just make sure that information is clear in the pictures.

Are you accepting paper applications?
No. We are processing applications remotely. If you do not have access to internet, please contact staff at econdevinfo@cityofloveland.org or (970) 962-2888 for further assistance in filling out an application.

Are applications awarded on a first come first serve basis?
No. Applications will be received on a rolling basis and reviewed through a discretionary process. Applications will be scored based on established criteria and either approved or denied. Applications will be reviewed and processed until funds are exhausted.

When will I find out if I was awarded?
The committee will begin to review all applicants at the end of the application window (Oct. 6th). Applicants should anticipate a decision by October 13th, though this could be longer depending on volume.

If I’m denied this round, can I apply again later?
Unfortunately, no. However, all applications will be kept on file.

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If you do not have access to internet or have additional questions, please contact Jack Hill at jack.hill@cityofloveland.org or (970) 617-5262. In the event Jack is unreachable, other economic development staff can be contacted at econdevinfo@cityofloveland.org or (970) 962-2888 for further assistance in filling out an application.

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