We believe in you and we need you. That’s why during the COVID-19 global crisis, we’re intensifying our support of small businesses. We also recognize that these events have impacted our entire community, across all sectors. Therefore, this program is also available to nonprofit organizations.

Survive & Thrive COS provides recovery funding in the form of low-interest loans of up to $25,000, mentorship and other resources to support resiliency and continue building healthy businesses and nonprofits. Exponential Impact, in partnership with the Pikes Peak Community Foundation, and various other community partners, businesses, and local investors have teamed up to offer immediate relief services.

 

Applicants: Here’s how you can receive support

Funding

Traditional emergency funding and loans require too much processing time and many businesses won’t qualify. Survive & Thrive COS provides immediate recovery loans to organizations through three monthly installments. There are no payments or interest the first year, and interest rates are tiered over the loan period to 1% the second year and 2% the third year.

Funding is available thanks to generous and thoughtful investments made by local leaders, organizations and business professionals. Our team is the coordinating body behind administering the creation of the fund, disbursement of the loans, and implementing the mentoring program without charging fees. Every dollar invested in the fund will go towards supporting small businesses financially.

Mentorship and Resources

Survive & Thrive COS believes in supporting not only the financial aspects of businesses but in all aspects of growth and sustainability.

As a participant, you will be expected to participate in mentorship and supporting the community as learn and grow together. This includes coaching on educational tools tailored to your specific business concerns, meetings with our Mentor Committee and your peer groups, as well as webinars. We want to work with you to offer holistic support without burdensome programming.

It’s a unique path that supports resiliency, builds community and develops healthy businesses and holistic leaders.

Eligibility

You are encouraged to apply for Survive & Thrive COS if you meet the following criteria.

  1. This is for profit and not for profit, privately held small businesses that maintain a place of business in El Paso County and are incorporated with the State of Colorado. 
  2. Small business with the equivalent of 2 to 25 FT employees.
  3. Applications are open only to small businesses most impacted by the COVID-19 pandemic, including, but not limited to, the food industry, cafes, hair & nail salons, barbershops, home childcare providers and retail shops.
  4. Independently owned franchises.
  5. Established, having filled with the Colorado Secretary of State prior to March 16, 2020, the commencement of the State of Colorado Public Health Closure Order.
  6. Able to demonstrate economic injury and a need for the loan and use of proceeds due to directly related economic injury caused by the designated disaster.
  7. The following list of business types are not eligible for assistance:
    • National chains.
    • Businesses deriving more than one-third of gross annual revenue from legal gambling activities.
    • Businesses engaged in any illegal activity.
    • Marijuana (medical and recreational)
    • Escort services
    • Businesses that present live performances of an indecent sexual nature or derive revenue through the sale of products, services or presentation of any depictions or displays of an indecent sexual nature

Terms

  • Installments are provided monthly over three months. 
  • Repayment occurs over three years and payments are not required for the first year.
  • Interest is 0% in year one and increases by 1% over each of the next two years.

 

Apply

Applications closed April 30th. We will reopen the program if additional funding comes through.

Please prepare a Balance Sheet, P&L, and character reference as they are required attachments in the application.

Applications are to be submitted per business (a restaurant ownership group thus may have more than one application).

After your application is received,  a member of the Loan Review Committee will reach out to schedule a 30-minute interview, if your application has been moved forward. Loan decisions will be made every Monday beginning April 6, 2020 and will continue for the following 90 days, or until the funds run out. You will be contacted immediately and your first check will be distributed by the end the week that a decision is made.

For answers to your questions, contact surviveandthrivecos@exponentialimpact.com.

*All submitted information is stored safely. However, we cannot guarantee confidentiality due to the mentoring aspects of this program. 

If you need assistance determining your current unmet need, please schedule an appointment with an SBDC consultant to help walk you through the process. https://pikespeaksbdc.org/

Applications closed April 30th. We will reopen the program if additional funding comes through.

Frequently Asked Questions

Are there stipulations on what money can be used for? No strings attached, please spend as you see fit to save jobs and make your business stronger.
Who has to provide the character reference letter? Are there any exemptions? Everyone must file at least 1 character reference demonstrating the impact you have on our economy and the value your business and leadership brings to the community. We want community-minded people to be a part of this program as that is at the heart of this initiative.
Can anyone in El Paso County actually apply or would you prefer businesses just in Colorado Springs? This program is to support El Paso County.
Are nonprofits eligible? Yes, however the program will remain a loan program, not grant funding. If you are a nonprofit we encourage you to apply so that we can also help connect you to the right resources.