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DURA providing funding for COVID-19 small business counseling programs
Programs Aim to Help Small, Minority- and Women-Owned Construction Companies Stay Afloat During Pandemic
DENVER – As many businesses in Colorado and across the country struggle to survive amid COVID-19, the Denver Urban Renewal Authority (DURA) is providing funding to help Colorado companies navigate the pandemic and its impact on small businesses in the construction industry.
On Thursday, the DURA Board of Commissioners approved funding for programs that provide business counseling services and resources to help construction-industry small businesses stay afloat during COVID-19. Programs will be offered and administered through three local nonprofits — Mi Casa Resource Center, Hispanic Contractors of Colorado (HCC) and the Black Business Initiative (BBI).
“Colorado companies in the construction industry with one, five, ten employees — many minority owned — face serious disadvantages in applying for federal relief funding and often lack the resources to adapt to and weather the COVID-19 crisis,” said DURA Executive Director Tracy Huggins. “DURA board members recognized that no other programs in Denver were providing resources to meet this specific need, so with their guidance, we moved quickly to partner with some of Denver’s most trusted nonprofits to help.”
$655,700 will be spread among the three nonprofits as grants starting June 1, 2020, and come through DURA’s Construction Employment Opportunity (CEO) program. The goal of the CEO program is to improve access to training within the construction trades and increase individuals’ opportunity for advancement within Denver’s construction industry.
“Small, minority and women-owned businesses were already facing disparities in building capacity and accessing capital, and COVID has only made it worse,” said Monique Lovato, CEO of Mi Casa Resource Center. “With this grant from DURA we’ll be able help more firms overcome these challenges and give them tools to not only get through this but hopefully come out stronger in the end.”
Programs will focus on four core areas to help small businesses address current economic challenges:
- Access to federal funding. The federal government has allocated billions in relief funds for small businesses as a result of COVID-19. However, the process is complicated, and many microbusinesses don’t have the resources to access these funds or are unsure of how to navigate the process. DURA’s grantee organizations will help business owners identify and apply for relief funds that often bypass small companies with fewer than 50 people.
- Leveraging technology. To remain competitive during the pandemic, businesses are getting creative in how they use technology. DURA’s programs will help small businesses update their online infrastructure and transition to a more virtual environment.
- Skills development and networking. Each of DURA’s program grantee organizations offers existing programs to help minority-owned businesses sharpen their skills and facilitate connections to prime firms and contracting opportunities. Funds from DURA will help meet the increasing demand for these programs so that participating small businesses will be ready to pick up work where it left off.
- Certifications. To help small, minority and women-owned businesses be more competitive in the bidding process, DURA-funded programs will assist firms in obtaining Minority/Women-Owned Business Enterprise (MWBE) and Small Business Enterprise (SBE) certifications.
These programs are currently open to any Denver metro area, small and/or minority-owned businesses in the construction industry. To enroll in a program or learn more, contact one of the grantee organizations directly:
Black Business Initiative
bbiprofessional.com
Hispanic Contractors of Colorado
hcc-diversityleader.org
Mi Casa Resource Center
micasaresourcecenter.org