Survive & Thrive April 21st Loan Recipients Update
The Survive & Thrive COS emergency relief fund is continuing to grant loans in El Paso County. Below you can find our metrics for this program as of April 21, 2020:
- To date, the average loan size is $20,670.93.
- 728 total applications have been received.
- 85 loans have been awarded.
- 64 volunteer mentors, and 30 committee member volunteers are supporting the initiative.
- Total employees of businesses to whom we have made loans based on application responses in ranges (for example 2-10 employees).
- Conservative estimate 689 jobs supported
- Moderate estimate 930 jobs supported, this is most likely the closest number.
- High estimate 1200 jobs supported
Below are graphics that represent the cumulative metrics from the first three weeks of funding.
The first are “Funding Decisions by Geographic Region” and “Applications vs Funding by Industry” which indicate applications per region and industry as a percentage of the total applications, as well as ones approved for funding, and ones that were recommended to be finalists by the first wave review committee. We are prioritizing funding in the Southeast and cultural organizations intentionally. The review committees look at this distribution prior to making final decisions to ensure we are supporting industries and areas hit hardest by the COVID-19 crisis. There is a slight overrepresentation of downtown businesses because the tax revenues they generate for the city is also significant.
The following graphs show the revenues of companies that applied and the range of organization sizes that have been impacted by the COVID-19 crisis.
The final graph “Applications vs Funding by FTE” reflects the loan review committee’s decisions to prioritize funding organizations to protect jobs, preferring organizations with 11-25+ employees rather than making recommendations based on the percentage of applications based on each category.