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Business Relief fund awards $2.2M to El Paso businesses and nonprofits

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Posted at 4:58 PM, May 15, 2020
and last updated 2020-05-15 18:58:37-04

EL PASO COUNTY — The Survive & Thrive COS emergency business relief fund has awarded out approximately $2.2 million in loans to 120 businesses and nonprofits in El Paso County since launching the fund on March 31, 2020.

Survive & Thrive COS provides recovery funding in the form of low-interest loans of up to $25,000, mentorship and other resources to support resiliency and continue building healthy businesses and nonprofits.

As on Friday, the fund received 786 total applications with 15% of those applications approved. The average loan given out was a little under $19,000.

Thanks to the relief fund, Survive & Thrive COS believes the money has saved 1,139 jobs.

Applications for the program closed April 30 and fundraising efforts are ongoing.

The program will reopen if additional funding is secured.

The program is still seeking mentors for loan awardees to provide additional support and connection to resources.