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File #:
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23-496
Version:
1
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Name:
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Type:
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Informational Report
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Status:
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Filed
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On agenda:
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Final action:
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9/25/2023
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Title:
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Exponential Impact update on the impact of the Survive and Thrive and Accelerator programs
Presenter:
Vance Brown, Executive Director, Exponential Impact
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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.
Background:
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Previous Council Action:
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Financial Implications:
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City Council Appointed Board/Commission/Committee Recommendation:
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Stakeholder Process:
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Alternatives:
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Recommended Action
Proposed Motion:
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Summary of Ordinance Language
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