Applications for this summer’s round of small business loans are open.
Colorado Springs and Exponential Impact have opened applications for loans worth up to $50,000. The application period lasts until May 1. Those awarded a loan will also be able to participate in an eight-week entrepreneurial support program, according to the city’s Thursday news release.
Businesses with fewer than 50 full-time employees and six months of operating revenue are eligible to apply, according to the city. The loans are part of a Survive and Thrive program and offer low-interest (5%), non-collateralized loans.
“We’re looking forward to another powerful cohort this summer,” said Max Cupp, executive director of Exponential Impact. “Survive and Thrive offers more than just funding. It provides lasting community connections, personalized mentorship, and real-time support for business challenges.”
The news release stated that the loans are ideal for businesses seeking growth opportunities, planning to hire and train employees, redefining their business model or those experiencing barriers.
Participants must complete an eight-week program to receive the full loan amount, the release said.
“Local businesses are encouraged to consider the opportunity to access the capital, mentorship, education and community this program offers,” said Colorado Springs Economic Development Manager Shawna Lippert.