The race is on to snag a slice of the financial pie offered by Exponential Impact and the City of Colorado Springs, who've recently declared that applications are now being accepted for their joint venture, the Accelerate COS, Small Business Loan Program. The goal is to give local small businesses a leg up with low-interest loans, mentoring, and a dose of education via the Survive and Thrive initiative designed to help businesses not only weather the storm but emerge stronger on the other side.
According to the City of Colorado Springs, economic development manager Shawna Lippert conveyed the city's enthusiasm about rebooting their partnership with Exponential Impact through Accelerate COS. Their message to El Paso County's entrepreneurs is to jump on this opportunity for much-needed capital, education, and mentorship. If you're a small business with roots in El Paso County, less than 50 full-time employees, and a track record of at least 6 months of operating revenue, you're invited to throw your hat in the ring.
Max Cupp, the Executive Director of Exponential Impact is all in on this initiative. He rings in the new cohort of Survive and Thrive with a call to business owners to apply for loans that could reach up to $50,000, highlighting the impactful combo of immediate financing and the promise of enduring community bonds. According to Exponential Impact, applicants have until November 22 to get their submissions in.
The perk of landing a spot in the Accelerate COS program doesn't just end with a three-year loan flaunting a staggeringly low interest rate, 2% in the first, 3% in the second, and 4% in the third year dipping to 0% if the balance is cleared within the first year. Moreover, participants will dive into an eight-week Survive and Thrive program, replete with mentorship and education tailored by industry experts. But don't just take our word for it. Brandy Nunes of Nunes Partners, a program alum, shared that the Survive and Thrive loan did more than just sprinkle some much-needed financial nourishment. It forged connections and proffered solutions that were elusive before, changing the business game for Nunes and the company.
