Colorado Springs Program Returns to Fuel Economic Development & Job Creation
Exponential Impact received a $400,000 American Rescue Plan Economic Adjustment Assistance grant from the U.S. Department of Commerce Economic Development Administration to advance the Survive and Thrive Program. The $400,000 award is matched by $74,650 in local investment to support Exponential Impact in developing Survive and Thrive to advance El Paso County’s economic recovery and future stability following the COVID-19 pandemic.
Exponential Impact’s Survive and Thrive Program emerged in March 2020 as a rapid response recovery effort to support businesses that were struggling with the adverse effects of the COVID-19 pandemic. Through previous iterations of the program, including Survive and Thrive: Propel COS Grants offered in partnership with the City of Colorado Springs, the Survive and Thrive program has grown and evolved to match the needs of the small business community in Colorado Springs and El Paso County.
“We are grateful for the US Economic Development Administration’s continued partnership and support of Exponential Impact. The Economic Adjustment Assistance grant empowers Exponential Impact to advance the Survive and Thrive Program to support our small business community. This initiative will build off the early success of the Survive and Thrive COS loans distributed immediately following the COVID shut down, as the initial $2.3 million in loans resulted in an economic impact of $156 million in ROI and 220 jobs supported” said Vance Brown, Executive Director of Exponential Impact.
Funding from the Economic Development Administration will support the purpose of the Survive and Thrive program to achieve equitable outcomes for recovering small businesses by providing holistic support with an emphasis on underrepresented founders who were disproportionately affected by the pandemic. The Survive and Thrive program will combine community, capacity building, and access to capital to offer immediate relief to organizations and enhance future resilience. Exponential Impact’s Survive and Thrive Program will not only help business owners in El Paso County grow their businesses and create new jobs in our community, but it will also strengthen and diversify our regional economy.