COLORADO SPRINGS, Colo. — Monday, Mayor John Suthers announced a new low-interest loan program for small local businesses affected by the coronavirus pandemic.
Colorado Springs and El Paso County businesses impacted by the pandemic may be eligible for a loan of up to $25,000 from the fund.
Exponential Impact hopes to provide some businesses with loans within a couple of weeks of receiving their applications. The loans will be paid over three monthly installments, totaling up to $25,000 per business.
The loan will come with a three-year repayment plan, with no payments and no interest for the first year.