Legislation Details

File #: 23-496    Version: 1 Name:
Type: Informational Report Status: Filed
File created: 9/14/2023 In control: City Council Work Session
On agenda: Final action: 9/25/2023
Title: Exponential Impact update on the impact of the Survive and Thrive and Accelerator programs Presenter: Vance Brown, Executive Director, Exponential Impact

 

Title

Exponential Impact update on the impact of the Survive and Thrive and Accelerator programs

 

  Presenter: 

Vance Brown, Executive Director, Exponential Impact

 

Body

  Summary:

Exponential Impact’s Survive & Thrive Program began out of an acute need to support businesses that were struggling with the adverse effects of the COVID-19 pandemic. As financial first-responders, XI distributed $2.3 million in low-interest, non-recourse loans to 132 small businesses in Colorado Springs before any federal funding was disbursed, resulting in $156 million in economic impact.

In addition to access to funding, Survive & Thrive provided local businesses with access to programming, mentorship, and community. Since 2020, XI has completed another 2 iterations of the Survive & Thrive program which has had a significant and exponential impact on the City of Colorado Springs.

 

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