Colorado Springs offers small business grants

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(COLORADO SPRINGS) — Local business owners will have the opportunity to take advantage of grants to help grow their small businesses as the city of Colorado Springs partners with Exponential Impact for Accelerate COS Small Business Loan Fund.

The fund will provide microloans of up to $10,000 and growth loans of up to $50,000.

As part of the Survive & Thrive program, Accelerate COS will also provide small businesses with mentoring and apprenticeship opportunities to help accelerate their economic growth, along with job creation and retention.

The program provides low-cost, low-interest loans to eligible businesses and holistic programming to provide participants with 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 approximately $1.5 million.

Accelerate COS is also supported at the federal and state levels through the Colorado Startup Loan Fund of the Colorado Office of International Trade and Economic Development and the US Economic Development Administration.

“The city is delighted 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 huge challenge. Accelerate COS will fill a need in the local ecosystem and provide low-barrier lending to innovative small businesses with a good business case and growth opportunity.”

Applications will be open from May 24 to June 16. Interested business owners can find out more details on the Exponential Impact website, linked above.