Survive & Thrive June 1 Loan Recipients Updates
The original intention of the Survive and Thrive program was to provide immediate financial relief to protect jobs. The funding intended to provide a bridge to additional community and federal resources, not fill the need for each organization entirely, as such the average loan size was $18,278.03 at a 19% approval rate to the sum of $2.3 million. The resulting impact is the result of over 100 volunteers providing oversight, expertise, application review, and mentorship.
The graph below shows our stated preference to prioritize organizations with more full-time employees (FTE), with an overrepresentation of 11-25+ FTE in relation to number of applications.
Funding was distributed across industries with the most vulnerable industries as a result of COVID-19 prioritized. As a local tool, Survive and Thrive placed heavy emphasis on organizations promoting the arts and those contributing to the quality of life and culture of Colorado Springs.
Survive and Thrive also looked at geographic distribution when considering loan applications and final recommendations. Understanding the importance of business activity in Southeast Colorado Springs, those zipcodes were prioritized for funding. Additionally, there is an overrepresentation of Downtown businesses due to the high percentage of the City’s sales taxes they produce. Manitou Springs also reflects a slight overrepresentation due to its high density of arts based organizations.