Colorado Funding Updates in Response to COVID-19
- Emergency Fund has raised $980,000 in El Paso County and Teller County and has granted out about $600,000 as of 4/6
- Total amount requested: $3M+ with more of a transition of funding for operations versus emergency relief.
- Grants have ranged from $1700 to $63,000 with a median ask for about $10-15k
- PPCF will be working with the local SBA office to track how much in loans are going into nonprofit communities.
- Through an equity lens (ensuring the availability of resources to large, medium and small nonprofits), we are concerned that grassroots organizations will not be able to receive the government funds they need. Colorado Nonprofit Association just launched an assistance program to help small nonprofits to apply.
- 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%)
- Raising $5M in the fund. Currently, there is $1.5M raised and the loan fund has already received over 516 applications.
- Please share this opportunity for investment with your networks to help raise more money for this fund.
Other Funding Updates:
- Pikes Peak United Way (PPUW) – 211 reported that their primary needs in the community continue to be rent assistance and access to food. United Way partnered with Care and Share on a drive-thru food distribution site and over 1000 cars came to receive boxes of food.
- State Relief Fund: $7.5M raised in the state fund; The granting guidelines include a $25,000 upward limit on grants and an anticipated 2-week turnaround on requests. The fund has received 4500 donations, 40 applications, and 435 registrants. The first deadline is 4/4 and the first round of grants will be awarded on 4/15.
- El Pomar: El Pomar has allocated $1M to a statewide emergency assistance fund. Their focus is on food, rent and utility assistance statewide. So far they have granted $600,000 with $175,000 in the Pikes Peak Region. They are also hearing mental health concerns in rural regions.
- Manitou Artist Relief Fund: Granted $25,000 in its first round and $20,000 in revenue came in for art sales during virtual First Friday, which was equivalent to a “normal” First Friday.
- Manitou Springs Relief Fund: $130,000 has been distributed, mostly in $500 grants to small businesses.
- CARES Act – Nonprofits can apply for loans to cover payroll, rent and utility costs. There is also funding for economic hardship, which may help with nonprofits that have had canceled events, etc. At this time, there doesn’t seem to be a need to provide loan guarantees for nonprofits for the CARES Act loans.
- A small group of several local funders, United Way, and PPCF, came together to begin strategy for a mid-range approach and strategy around the expenditure of remaining Emergency Fund dollars. We believe that the “bright light” that will come out of this pandemic and disaster is a reset in our local nonprofit community – one that will prioritize community needs over individual organizations. We are excited to be at the ground floor of these discussions and look forward to continuing to update you.