City reports $100,000 small-business capital grants produced nearly $300,000 in private investment in 2024

Lafayette staff on Tuesday presented a year-in-review of the city’s Small Business Capital Grant Program, reporting that $100,000 in city funds in 2024 supported 22 approved projects and generated almost $300,000 in private investment.

Isabella Mias, senior project manager in the economic development department, said the program provides matching grants of 50% of eligible project costs, up to $7,500, for businesses that are located within city limits, have 30 or fewer full-time employees, either own their building or have an executed lease of at least three years, and are in good standing with the city and state.

"We awarded a total of 22 projects and those 22 projects generated a total private investment of almost $300,000," Mias told council. She said 23 project applications were submitted in 2024; one applicant, Bounce Empire, was ineligible because it exceeded the 30 full-time-employee cap.

City staff described the program as intentionally simple to reduce the barrier for small businesses to apply. Eligible projects include new real-property improvements not yet started, such as signage, roofing, siding, parking resurfacing, fence replacement, and interior work such as flooring, mechanical, plumbing and electrical upgrades. Applicants submit an estimated project budget and supporting materials, begin work if approved and seek reimbursement after completion with receipts and photos.

The city showed a short video testimonial from Fadia, owner of Kizmi Cafe Mediterranean Bakery, who said the grant enabled the business to upgrade a residential water heater to a commercial system necessary to operate a bakery. "This grant allowed me to upgrade a residential water heater to a commercial water heater," Fadia said in the video, and called the application process "super simple."

Staff said the 22 projects represented a strong return on the city’s investment and that for 2025 the department will focus outreach on other business corridors and on Latino-owned businesses; staff plan to translate program materials into Spanish and work with the Lafayette Chamber and the Latino Chamber of Commerce of Boulder County.

Councilors asked how many total applicants applied (staff said 23) and whether the grants made projects possible that otherwise would not have happened; staff reported several businesses told staff the assistance was instrumental in completing work or opening. Councilor Samson asked whether exterior improvements require ownership; staff said tenants may apply but must provide written permission from the property owner.

Applications for 2025 are open, staff said, and the department encouraged council and the community to refer eligible businesses.