(COLORADO SPRINGS) — On Monday, Oct. 28, Exponential Impact and the City of Colorado Springs opened applications for the Accelerate COS: Small Business Loan Program, part of the Survive and Thrive initiative.
Accelerate COS provides small businesses in El Paso County with low-interest loans, mentorship, and learning opportunities.
“The City of Colorado Springs is excited to continue its partnership with Exponential Impact on the Accelerate COS program to support our business community,” said Shawna Lippert, economic development manager at the City of Colorado Springs. “Local businesses are encouraged to apply to this program that offers capital, education, and mentorship.”
Small businesses based in El Paso County with fewer than 50 full-time employees and at least six months of operating revenue are eligible to apply. The loan program is designed for businesses seeking growth, planning to hire and train employees, redefining their business model, or facing challenges in accessing traditional financing.
“Exponential Impact looks forward to the launch of the next Survive and Thrive cohort. Small businesses in El Paso County are eligible to apply for a loan up to $50,000, and we encourage business owners to apply for this program that provides immediate capital and lasting community connections” said Max Cupp, Executive Director of Exponential Impact.
Applications for the next Survive and Thrive: Accelerate COS cohort close Nov. 22. Accepted businesses will receive a three-year, low-interest loan with rates of 2% in the first year, 3% in the second, and 4% in the third (0% if paid in full within the first year). Participants will also take part in the eight-week Survive and Thrive program, gaining personalized mentorship and training from industry experts.
A Survive and Thrive alum, Brandy Nunes with Nunes Partners, said, “The Survive and Thrive loan not only provided the much-needed financial boost to get to the next level and sustain through challenging times but we were connected with resources and relationships we will lean on into the future. We solved real problems during the course that we were spinning our wheels on before!”
Applications for Survive and Thrive: Accelerate COS are open from Oct. 28 to Nov. 22, 2024. Exponential Impact will hold weekly information and Q&A sessions throughout the application period. Businesses can learn more about the program, review eligibility requirements, register for a session, ask questions, and apply on the website linked above.
