April 17, 2020
The city of Lakewood was awarded a $350,611 grant from the Department of Housing and Urban Development through its Community Development Block Grant (CDBG) program as part of the federal CARES Act. This money is specifically for assistance related to COVID-19 impacts in one of all three of the following categories:
- Public Services;
- Housing;
- Economic development.
The Lakewood City Council is investigating using the entire grant amount for emergency economic development assistance for small businesses in Lakewood. The assistance would either be a cash award or a no-interest loan of up to $10,000.
Whichever option the council chooses, special attention will be given to assure the program is available to all qualifying Lakewood businesses. The goal is to design a program that keeps administrative costs low, simplifies the application process and provides the financial award as quick as possible.
The City Council is expected to make a decision at its May 4 regular meeting (conducted via Zoom and livestreamed on the city’s YouTube channel).
The grant allocation from the federal government is not as large as the city would prefer, as there are countless struggling businesses that need assistance currently, however the City Council is committed to helping where it can in this time of need.