A new program intended to help Colorado communities preserve the characteristics that make them unique includes financial support for businesses with cultural, historical and social significance.

The business funding and incentives division of the Colorado Office of Economic Development and International Trade (OEDIT) announced the Community Business Preservation Program.

“Through our work with small businesses across the state, we recognize that Colorado communities are working hard to adapt to economic changes while maintaining their cultural values and identities,” said Eve Lieberman, executive director of OEDIT. “By working with regional business communities to evolve while also protecting what makes them unique, the Community Business Preservation Program will help preserve the diversity of Colorado’s communities and build a Colorado economy that works for everyone.”

The program is designed to foster collaborative approaches to community preservation by awarding funding to groups of businesses working together to respond to changes in their communities. Through a competitive application process, OEDIT will select five to seven main streets, culturally connected neighborhoods, districts, regions or other geographically proximate groups of businesses for grants ranging from $10,000 to $50,000. The funding will be paired with up to two years of training and consultation tailored to the needs of each business in that community.

To apply for grants, a cohort of two to six businesses must collaborate with a local sponsoring entity — such as a local government, economic development organization, business improvement district or community-based nonprofit — to manage the application and review process as well as any potential award. The idea is to allow communities to identify what business sectors and characteristics they most want to preserve and support them in taking steps to do so.

“A community in rural Eastern Colorado may be looking for a way to boost and preserve agricultural heritage businesses, while businesses in an urban neighborhood may be responding to changes brought by destabilizing pressures and COVID-related impacts,” said Jeff Kraft, deputy director of OEDIT and director of business funding and incentives division. “This program is meant to be adaptable to fit the needs of those who are applying for the grant so they can respond to changes in their communities and continue to thrive.”

The Community Business Preservation Program grew out of discussions with state legislators.

“Small businesses build and maintain the character of communities like Five Points and Montbello. When we ensure that Colorado’s small businesses have the tools they need to stay in their communities, we uplift the quality of life for everyone,” said State Sen. James Coleman, a Democrat from Denver. “I’m happy to see new resources prioritized to help address the barriers to prosperity that communities in Denver and across Colorado have faced for decades.”

OEDIT will implement the Community Business Preservation Program in partnership with the Small Business Development Center (SBDC) Network and Energize Colorado. Applications are open through January 2024.

To assist sponsoring entities and businesses applying to the program, OEDIT will host informational sessions and office hours, including an online informational session set for 2 to 3 p.m. Oct. 30.

For more information about the Community Business Preservation Program, visit https://oedit.colorado.gov/programs-and-funding/grants/community-business-preservation-program.