COLORADO SPRINGS, Colo. (KRDO) -- Colorado Springs Mayor John Suthers and other city officials announced a new business relief fund intended to keep small businesses afloat during the COVID-19 crisis.
The initiative is called Survive & Thrive COS. It's a partnership between startup accelerator Exponential Impact and the Pikes Peak Community Foundation, Suthers announced during a press conference Monday afternoon.
The fund will be up to a $25,000 loan with a three-year repayment plan. Small businesses with two to 25 employees can visit exponentialimpact.com to learn more and apply for funds.
The funds are backed by donors, said Hannah Parsons with Exponential Impact at the press conference.
"Anything at the end of the three-year period that has not been repaid will be a charitable gift to Exponential Impact," said Parsons. "But our goal is to return the funding at the end of the program."
City officials say the goal of the relief program is to make it as easy for small businesses as possible.
“Traditional emergency funding programs are often cumbersome and time-consuming. Survive & Thrive COS delivers significant, immediate investment to local small business owners and nonprofits,” said Gary Butterworth, the CEO of the Pikes Peak Community Foundation, in a press release. “In Colorado, most of our business economy is comprised of small businesses. Thanks to intelligent and generous contributors, business owners are receiving funding now and sustained support.”
In addition to the new fund, City officials also announced they're allowing businesses to waive late payments of taxes and other late fees.