Weekly Update 4/21/2020

Colorado Funding Updates in Response to COVID-19

PPCF:

Emergency Fund
  • PPCF Emergency Relief Fund will wind down at the end of the month.
  • Emergency Fund has raised $1.1M  in El Paso County and Teller County and has granted out about $780,000 ($70K Teller and $710K El Paso) as of 4/20
  • Requests have slowed down significantly.  Most requests now are for operational needs. The committee is relooking at past requests for true emergency needs and will likely provide additional funding.
  • PPCF and Exponential Impact have created immediate 3-month payout SBA loans with 3-year notes of increasing interest rates (Year One: 0%; Year Two: 1%; Year Three: 2%)
  • Fund has granted a total of 85-87 loans totaling $1.75M
  • Funded 25-27 new loans for $514,000
  • There will be one more round of funding unless more funds are received.
  • Please share this opportunity for investment with your networks to help raise more money for this fund.

Other Funding Updates:

  • Colorado Springs DDA Small Business Relief Fund $400,000 fund that is being funded by its general fund and by TIF funding.  The fund is only available to those businesses located within the DDA footprint.  DDA has already received 80 applications.
  • State Relief Fund: $7.5M raised in the state fund.  The first round of grant funding was distributed last week.  $4.3M distributed to 206 organizations in 62 out of the 64 counties.  Only $430,000 distributed in El Paso County, with the majority of funds distributed in the Denver Metro area.  El Pomar has contacted the state fund leaders to remind them of needs and populations outside of Denver Metro.
  • Care and Share has received double their normal cash donations. They waived the fees to partner agencies for food distribution. Food systems are a national issue right now, and while we can strengthen local systems, the national supply and flow is out of our control at a local level.