Colorado Main Street Toolkit: Business Support Grant Programs

Introduction

This toolkit provides a generalized framework for establishing and administering a business support grant program. These guidelines are not exhaustive and should be adapted to the specific needs and objectives of the administering organization.

Program Objectives

It is crucial to ensure that the grant program aligns with the organization’s mission and strategic priorities. Grant programs should not exist in isolation; they should be a tool to advance the broader goals of the community or organization. To achieve this alignment, grant administrators should consult their communities' Comprehensive and Strategic Plans to identify opportunities to align their grant program with the community priorities. These plans provide a roadmap for future development, outlining community values, goals, and objectives. By aligning the grant program with these plans, administrators can ensure that grant funds are used to support projects and initiatives that contribute to the community’s long-term vision.

Clearly define the goals the grant program aims to achieve. Examples include:

Stimulating economic development

A grant program can incentivize activities that lead to increased economic activity, such as:

Attracting new businesses
Retaining and expanding existing businesses
Creating new job opportunities and/or improving job quality
Increasing the local tax base

Enhancing community assets

Grants can be used to improve the physical and social infrastructure of a community by:

Preserving and revitalizing historic buildings and landmarks
Supporting cultural and artistic initiatives that enrich the community
Expanding publicly used, privately owned spaces
Expanding multi-modal transportation that is publicly available and privately owned

Supporting local businesses

Grant programs can provide targeted assistance to strengthen the local business sector by

Providing direct financial assistance to businesses
Promoting business growth, expansion, and modernization
Encouraging innovation and entrepreneurship
Fostering a more resilient and competitive local economy

Promoting specific community development goals

Communities often have unique priorities that can be addressed through grant programs, such as:

Revitalizing downtown areas and commercial corridors
Improving the quality and availability of housing
Increasing access to essential services for residents
Promoting environmental sustainability and resilience