Survive & Thrive April 28 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 28, 2020:
- To date, the average loan size is $20,364.29
- 745 total applications received
- There is 13% approval rate for loan recipients.
- 98 loans awarded to the sum of $1,995,700.00.
- 79 volunteer mentors, and 30 committee member volunteers are involved
- An estimated 1077 jobs supported
Below are graphics that represent the cumulative metrics from the first four weeks of funding. The first are “Funding Decisions by Full Time Employees” and “Applications vs Funding by Industry” which indicate applications per region and industry as a percentage of the total applications, ones approved for funding, and ones that were recommended to be finalists by the first wave review committee. We are prioritizing cultural and arts organizations because of their impact on quality of life and importance to the local community. “Funding Decisions by Full Time Employees” reflects the loan review committee’s continued 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.
In considering geographic distribution, we are prioritizing funding in the Southeast organizations intentionally. However, this week we are compiling all applications from the Southeast (zip codes 80910 and 80916) to have a special round of funding in week 5 with more sensitivity to context by the loan committee being made up primarily of community leaders in the Southeast. 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.