The City allocates Community Development Block Grant funds to support neighborhood economic development through direct assistance to for profit businesses.
After a successful pilot program in 2021, the Division continues to work with a local partner to provide direct financial assistance for-profit businesses, specifically microenterprises, in efforts to fill gaps in need after pandemic aid programs have expired or never reached certain communities. These efforts are concentrated in low-income neighborhoods or areas of low economic opportunity.
2021-2022 Program Year Outcomes
- 23 local businesses assisted
- Microenterprise grants
- technical Assistance
- 91% woman, minority, or veteran owned
The City of Colorado Springs partnership with Exponential Impact was recognized by the U.S. Department of Housing and Urban Development as a best practice and highlighted in a national webinar.
- City and Exponential Impact launch program to help local businesses recovering from pandemic
- Innovative assistance program helps small businesses “survive and thrive”