Exponential Impact and the City of Colorado Springs are excited to announce that applications are open now for the Accelerate COS: Small Business Loan Program, a Survive and Thrive program. Accelerate COS supports small businesses in El Paso County with access to low interest loans, mentorship, and learning opportunities through the Survive and Thrive programming aspects.
“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 headquartered in El Paso County with less than 50 full time employees and at least 6 months operating revenue, are eligible to apply for the program. This loan program is an ideal fit for businesses seeking growth opportunities, planning to hire and train employees, redefining their business model, or experiencing barriers 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 close on November 22 for the upcoming Survive and Thrive: Accelerate COS cohort. Accepted businesses will secure a three-year, low interest loan with 2% year one, 3% year two, and 4% year three (0% interest if paid in full during year one). They will also participate in the eight week long Survive and Thrive program where they will receive personalized mentorship and education 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 will be open from October 28-November 22, 2024. Exponential Impact is offering weekly information and Q&A sessions during the application period. Interested businesses can learn more about the program, look at eligibility requirements, sign up for an info session, ask questions, and apply at exponentialimpact.com/accelerate-cos.