COLORADO SPRINGS, Colo. — Nearly one-fifth of small businesses fail within their first year, according to the Bureau of Labor Statistics.
Half will fail in the first five years.
However, in Colorado Springs, a local program with an organization called "Exponential Impact" gives small businesses the direction and guidance they need to succeed.
"Everything went up," said Justin Grant, who's co-owner at Goat Patch Brewing Company.
For 7 years, Goat Patch Brewing Company has been a place where Grant lives his passion every day. However, running his business was always a smooth ride.
During the pandemic, he let go 50 percent of his employees.
"It was challenging," Grant said. "Our hops and grain everything from payroll... I mean, things have increased."
Grant was not the only one who struggled.
According to the Wells Fargo Weekly Economic and Financial Report, the rate of business bankruptcy filings is at its highest level ever.
As of June this year, the number rose more than 40 percent over last year.
An 8-week program, "Survive and Thrive," has helped small business owners in Colorado Springs by giving loans with a lower interest rate.
The question is: What makes it different from getting loans from banks?
"We trust you as business owners," said Max Cupp with Exponential Impact. "You know what you are doing. We just need to give you access to the capital to grow without being burdened by debt services."
Grant says it helped him to make payroll and rent.
"Things that you need that are vital to businesses... they came through," Grant said.
He calls the program an eye-opening moment. For example, learning how to approach customers from different generations and keeping up with new regulations.
"Every year, there's a new labor law that sometimes you may not be in tune with," Grant said.
Grant says the brewery is expanding because of the support, asking others to join him when the Survive and Thrive application opens in October 28th.
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