Applications opened Wednesday for Denver’s Family Business Preservation Program, which aims to support small, locally owned businesses with peer group guidance on strengthening business operations, mitigating involuntary displacement and increasing multigenerational business ownership.

The program was developed by Denver Economic Development and Opportunity Office along with the Center for Community Wealth Building with feedback from local business owners on how the city can help stabilize business, plan for ownership succession and help them gain stable economic security.

The first cohort is expected to include 20 microbusinesses where participants will get guidance on how the business can thrive across generations while preserving the businesses’ legacy. Transfer of business ownership will also be covered.

“Our city’s small, family-owned microbusinesses are part of what makes up the unique culture and character of our neighborhoods,” Jen Morris, the city’s executive director of economic development and opportunity, said in a release. “It is essential that we support these business owners and preserve the opportunity for generational wealth-building that they create.”

Participants must have annual revenue of less than $500,000 to be eligible and must have family or staff interested in learning more about business operations. Priority will be given to Denver businesses in the 10 Neighborhood Equity and Stabilization neighborhoods that are highly vulnerable to displacement: Elyria-Swansea, Globeville, NE Park Hill, East Colfax, Montbello, Sun Valley, Valverde, Villa Park, West Colfax and Westwood.

The deadline to apply is 5 p.m. May 31.