Southeast businesses can apply for recovery loan until Thursday

Posted at 1:01 AM, Apr 29, 2020
and last updated 2020-04-29 08:49:57-04

COLORADO SPRINGS — Local businesses are working hard to rebound from the impact of coronavirus here in Colorado, and we want to help.

If you're a small business owner in southeast Colorado Springs, you may qualify for an immediate recovery loan of up to $25,000, but you must apply for this loan by midnight on Thursday, April 30.

This loan program is called "Survive and Thrive," and it is meant to support small businesses that have been directly affected by the COVID-19 outbreak.

To be eligible, you must be a business with two to 25 employees and be located in the zip code 80910, 80916, or 80903.

You apply online through the Pikes Peak foundation Exponential Impact's website here.

You'll just fill out an application with basic information about your business, how COVID-19 has impacted operations, and you'll need to attach three documents:
your 2019 profit and loss sheet, 2019 lance sheet, and a letter of recommendation.

One of the folks behind this program is Yemi Mobolade, who works as a Small Business Development Administrator at City of Colorado Springs and also owns Good Neighbors Meeting House cafe near downtown Colorado Springs.

As a business owner, he understands how vital small businesses are to our city.

"Small businesses are the ones that provide spaces for people to go out to eat, to have a great time," he said. "They make up a quality of life."

And that includes those in the southeast side of town that may not realize this help is out there.

"We really care for our southeast businesses," he emphasized. "We don't want them to be left behind. There's been so much work around southeast revitalization and we wanna save as many southeast businesses as we can."

On the same website, you can also apply to get matched up with a business mentor.

This deadline to apply for a loan has been extended specifically for southeast businesses to get a chance to apply, if they haven't already.

Business owners, you could receive up to $25,000.
For the first year, payments are not required and the interest rate is zero.

Remember, the deadline to apply is midnight Thursday, April 30.

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