In response to the economic disruption of the COVID-19 pandemic, El Paso County’s Economic Development developed and implemented the following programs to assist our community’s businesses and nonprofits in their economic recovery:
El Paso County’s Economic Development Department awarded $10,381,441 in grants to 627 local small businesses and nonprofits as part of the second round of El Paso County Regional Business Relief Fund grants. The program was initiated to provide tangible assistance to local businesses and nonprofits as they transition from relief to recovery from the COVID 19 pandemic.
El Paso County Board of County Commissioners allocated $10,381,441 in American Rescue Plan Act (ARPA) funds to the Regional Business Relief Fund program, facilitated by the county’s Economic Development Department, in partnership with Colorado Enterprise Fund, a nonprofit lender certified CDFI and nationally recognized SBA microlender. Applications for the Regional Business Relief Fund were collected, analyzed, and scored by Colorado Enterprise Fund, with final evaluation and grant award decisions made by El Paso County’s Economic Development Oversight Committee.
Local small businesses and nonprofits awarded grants experienced a disruption and decrease in business operation and workforce due to the COVID-19 pandemic. Among the 627 businesses that received grants, 525 were small businesses, and 102 were nonprofits. 65% of recipients self-identified as women or minority or veteran owned businesses and nonprofits. The average amount awarded is $16,557.
Round 2 of the El Paso County Regional Business Relief Fund is closed.
Press Releases:
Regional Business Relief Fund Round 2 Grants Announced
Maps Denoting Grant Recipients:
In October, El Paso County’s Regional Business Relief Fund supported 864 different small businesses and nonprofits with grants up to $20,000 to assist with business operational costs incurred due to the COVID-19 economic disruption. El Paso County distributed $13,858,528 in grant funding with an average grant amount of $16,040 per organization assisted. 56% of these organizations self-identified as women, minority, or veteran-owned small businesses and nonprofits.
The assistance could aid in saving up to 11,735 direct jobs and 16,789 total jobs in El Paso County while protecting $1,144,295,303 in local economic output. These levels of employment would save up to $12,849,676 in sales taxes generated through household expenditures to support local governments.
View the Economic Impact Report of the Regional Business Relief Fund, conducted by Summit Economics, here.
The El Paso County Regional Business Relief Fund is closed.
Press Releases:
Summit Economics Report: El Paso County’s RBRF Saves Jobs And $1.1 Billion in Economic Output
Regional Business Relief Fund Grants Announced
Maps Denoting Grant Recipients:
The CARES Act established the Coronavirus Relief Fund and appropriated funding to the fund for State and Local Government Relief. El Paso County received a direct allocation of federal funds from the CARES Act Relief Fund. El Paso County recognized that its economic development partner organizations also realized increased expenditures due to COVID-19 and chose to open a competitive application process for 501(c)(6) Chambers of Commerce and Business League organizations, or any non-lobbying 501(c)(4) with an economic development driven mission, as defined by IRS Publication 557, to assist them with their response and expenses related to COVID-19.
The application window for the Grant Assistance for 501(c)(6) Chambers of Commerce and Business League Organizations, or any Non-lobbying 501(c)(4) with an Economic Development Driven Mission is closed. The following selected grant recipients received awards to assist with: fixed debts, employee payroll, marketing and education, and innovative programming in response to COVID-19.
Contributions to the “Pikes Peak Enterprise Zone (EZ) Business Relief Fund” – in addition to El Paso County CARES Act Funding – helped provide grant assistance of up to $7,500 to 128 for-profit small businesses in the Pikes Peak EZ that have been impacted by COVID-19. Donors also received an Enterprise Zone state income tax credit equal to 25% of their contribution. The Pikes Peak EZ Business Relief Fund aided businesses located in the EZ the following types of assistance: rent or mortgage assistance, utility payments, employee payroll, accounts payable and other bills, and for payment of fixed debts.
The application window for the Pikes Peak EZ Business Relief Fund is closed. Selected grant recipients received an award notification in May 2020, and grant funds were disbursed to selected grant recipients in June 2020.
For any additional questions, please contact the Pikes Peak EZ Administrator, Sara Lobato, at saralobato@elpasoco.com.
Press Releases:
Map of businesses who received funding:
Summit Economics: Economic Impact Report:
Crystal LaTier
Economic Development Executive Director
9 E. Vermijo Ave.
Colorado Springs, CO 80903
Phone: 719-520-6484
crystallatier@elpasoco.com
Kayla Huthoefer Nelson
Economic Development Project Manager
9 E. Vermijo Ave.
Colorado Springs, CO 80903
Phone: 719-520-6448
kaylahuthoefernelson@elpasoco.com
