El Paso County Economic Development Awards $900,000 in Grants to Small Businesses in the Enterprise Zone

El Paso County, Colo. — El Paso County Economic Development awarded $900,000
in grants, impacting 128 small businesses as part of the Pikes Peak Enterprise Zone (EZ) Small
Business Relief Fund. The goal of the community grant-funded program was to provide financial
assistance to small businesses in the Enterprise Zone impacted by the coronavirus pandemic.
The grants were made possible by the generous donations of citizens in the amount of $31,460.
Under the Coronavirus Aid, Relief, and Economic Stability Act (CARES Act), El Paso County
allocated an additional $866,660 in federal dollars to support the economic recovery of small
businesses throughout El Paso County.

Enterprise Zone small businesses awarded grants have experienced a disruption and decrease in
business operation and workforce due to the COVID-19 pandemic. The average award was $7,016,
with requests ranging from $2,000 to $7,500.

The money will help small businesses, struggling to sustain operations, with critical funding
necessary to maintain their workforce and recover during and after this public health emergency.
Unlike loans, small businesses awarded this grant, won’t have to pay it back. They can use the
funding for essential needs such as rent or mortgage assistance, utility payments, employee payroll,
and payment of fixed debts.

“COVID -19 has created a severe economic disruption to our community,” said Crystal LaTier,
Executive Director of Economic Development. “Small businesses are critical to El Paso County’s
economic stability. They bring vitality and character to our community. These grants give a
substantial boost to these businesses struggling during this time. We are grateful for the generous
donations of individuals and businesses to this program. We are thankful to the Board of County
Commissioners for their quick allocation of CARES Act funding that will give direct and
immediate relief to our small businesses.”

El Paso County Economic Development would like to thank the Colorado Office of Economic
Development and International Trade, Pikes Peak Community Foundation, and the Pikes Peak
Small Business Development Center for their collaboration that helped bring the Pikes Peak EZ
Business Relief Fund program to the Pikes Peak region.

At this time, no new applications for the Pikes Peak Enterprise Zone (EZ) Small Business Relief
Fund are being accepted. For more information on resources to help businesses respond to COVID19 please visit their website. See their full press release here.

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Courtesy of El Paso County Economic Development