(COLORADO SPRINGS) — Local entrepreneurs will have the chance to cash in on grants to help grow their small businesses as the City of Colorado Springs partners with Exponential Impact for the Accelerate COS Small Business Loan Fund.
The fund will provide micro-loans up to $10,000 and growth loans up to $50,000.
As part of the Survive & Thrive program, Accelerate COS will also provide small businesses with mentorship and learning opportunities to help accelerate their economic growth, along with creating and retaining jobs.
The program provides low-barrier, low-interest loans to eligible businesses and holistic programming to provide participants with both financial resources and community support.
The City is financially supporting the program through its American Rescue Plan Act allocation, the allocation for the program is about $1.5 million.
Accelerate COS is also supported at a federal and state level through the Colorado Office of Economic Development and International Trade’s Colorado Startup Loan Fund and the US Economic Development Administration.
“The City is thrilled to continue its partnership with Exponential Impact through the Accelerate COS — Small Business Loan Fund,” said Mayor John Suthers. “Colorado Springs small businesses have told us that access to capital is a major challenge. Accelerate COS will fill a need in the local ecosystem and provide low-barrier loans for innovative small businesses with a good business model and opportunity for growth”.
Applications will be open from May 24 to June 16. Business owners who are interested can learn more details on Exponential Impact’s website, linked above.