A $400,000 relief fund created to provide financial help to downtown businesses hit hard by the COVID-19 pandemic has received an infusion of cash, boosting its total to $650,000.
Pinnacol Assurance, the Denver-based workers’ compensation insurer, contributed $250,000 this week to the fund, which was set up last month by the Downtown Development Authority in Colorado Springs.
The fund will provide grants of $2,500 to $25,000 to eligible downtown Springs businesses within the authority’s boundaries, such as restaurants, soft-goods retailers, art galleries, coffee shops and salons.
Pinnacol’s contribution will help make “a meaningful difference to our beloved downtown retailers, restaurants, and other storefront businesses,” Susan Edmondson, president and CEO of the Downtown Partnership, said in a news release. The Downtown Partnership provides the authority’s programming and administrative services.
The deadline for businesses to apply for a grant from the authority’s relief fund closed April 22, and more than 120 applications are being reviewed. Businesses receiving grants will be notified in mid-May. More information: www.DowntownCS.com/DDAbizRelief.
Pinnacol Assurance’s donation was made through its philanthropic giving program and was part of nearly $2 million it contributed to several funds in Colorado that are supporting businesses and workers affected by the COVID-19 pandemic.