Financial Empowerment with Personal Access to Capital Grant
A COVID Relief Fund Program from Bank On Denver, in partnership with the City and County of Denver Office of Financial Empowerment and Protection
Bank On Denver, in partnership with the City and County of Denver Office of Financial Empowerment and Protection (OFEP), intends to expand the availability of resources and improve outcomes for clients who have suffered economic and/or health impacts due to COVID-19. The goal is to give clients access to small personal grants of up to $1,500 as an alternative to high interest, predatory lending and to assist with building their credit and creating their own safety net by maximizing their savings with affordable mainline banking alternatives. The program, “Financial Empowerment with Personal Access to Capital”, will require a minimum of three (3) one-on-one financial coaching sessions in order to increase credit score and savings, decrease debt, and provide access to cost-effective banking products and loans.
Program Details
Eligibility
Families of all sizes in the City and County of Denver are experiencing impacts from COVID-19, but given the limited funds, this grant program prioritizes the following family criteria:
- Single parent households with child(ren) under the age of 18; or
- Two (2) parent households with child(ren) under the age of 18; or
- Older adults (ages 65+).
The following additional requirements must also be met in order to be considered for funding.
Applicants must:
- Demonstrate a loss of income or financial hardship as a result of COVID-19; and
- Earn less than $75,000 gross annual household income (total adult household income); and
- Be a United States Citizen; and
- Live within the City and County of Denver, Colorado; and
- Be able to provide financial documentation to support your request; and
- Be willing to participate in a minimum of three (3) one-on-one financial coaching sessions through the Denver Office of Financial Empowerment and Protection over the next two (2) months; and
- Have not previously received a personal grant through this program.
Acceptable documentation to demonstrate a loss of income or financial hardship as a result of COVID-19 and the identified need as indicated on the application (high cost predatory loans, rental assistance, mortgage assistance, utility assistance, transportation assistance, child care, other) may include, but is not limited to:
- At least two (2) consecutive paystubs prior to reduction in hours and/or pay plus at least (2) consecutive paystubs after reduction in hours and/or pay
- At least two (2) most recent consecutive paystubs prior to layoff plus evidence of layoff/termination/closure from employer (if available)
- Work logs
- High cost debt statements (credit cards, payday loans, etc.)
- Verification of rent, signed letter from the landlord, or rental statements
- Verification of mortgage or mortgage statements
- Utility statements
- Child care statements
- Medical bills resulting from COVID-19
- Unemployment claim information
Other assistance and tools may be available for families that may not qualify under the Financial Empowerment with Personal Access to Capital grant program. Contact us at 720-944-2498 or FEC@Denvergov.org if you have questions.
Funding
As families experience economic impacts related to COVID-19, Bank On Denver, in partnership with the Office of Financial Empowerment and Protection (OFEP), is making available one-time family stabilization grants for eligible families most affected by COVID-19. Families can receive a grant up to a maximum of $1,500, not to exceed 100% of their COVID-19 related income loss or increase in costs. The awarded amount will be based upon availability of funds, individual need resulting from the documented impact of COVID-19, and program eligibility as outlined above.
Timeline
APPLICATIONS ARE DUE NOVEMBER 15, 2020 at 5:00 p.m. MDT (1700 hrs.) FOR THIS FUNDING ROUND. Additional rounds for applications are anticipated with the next due date scheduled for NOVEMBER 30, 2020.
Once all of the applications for this funding round are reviewed, we will contact you with a decision on the grant award. We appreciate your patience as we process applications as quickly as possible.
This temporary relief grant program is intended to be available for three (3) funding rounds, subject to change. The program will be rolled out in three (3) phases:
- Round 1: November 1, 2020 – November 15, 2020 (applications due November 15, 2020 at 5:00 p.m. MDT (1700 hrs.))
- Round 2: November 16, 2020 – November 30, 2020 (applications due November 30, 2020 at 5:00 p.m. MDT (1700 hrs.))
- Round 3: December 1, 2020 – December 15, 2020 (applications due December 15, 2020 at 5:00 p.m. MDT (1700 hrs.))
Awards will be given on a first-come, first-serve basis for families meeting all qualification requirements.
Given the daily changes in how the virus is impacting communities, Bank On Denver’s response and eligibility criteria may evolve accordingly. Any changes will be communicated through the Bank On Denver website (www.bankondenver.com) and reflected on this application.
Application
If you are unable to complete this application and need assistance, please contact a navigator at 720-944-2498 or email at FEC@denvergov.org.
Privacy Notice: Information provided in this form is considered a public record and may be subject to public disclosure. For more information, access the Colorado Public Records Act.
The information below will be used to prioritize applications based on the above criteria. All fields marked with an asterisk (*) are required to be completed. You will see that not all fields are marked as such but the more complete your application is, the better we can determine your personal financial situation and need.