Colorado Springs leaders announce $25k loans for small businesses

Coronavirus

COLORADO SPRINGS, Colo. — Monday, Mayor John Suthers announced a new low-interest loan program for small local businesses affected by the coronavirus pandemic.

The Survive and Thrive COS Fund is the result of a partnership between the city, the Pikes Peak Community Foundation and Exponential Impact.

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.

>> Applications are available now on the Exponential Impact website.

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.

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