Colorado Springs businesses still feeling the sting of COVID-19 might have another chance to boost their bank accounts.

A third wave of the Survive & Thrive program that awards local businesses money and provides mentorship opportunities rolled out Wednesday.

The latest iteration of the program, designed to help with recovery from the economic damage caused by COVID-19, is focused on supporting businesses and industries that suffered the most during the pandemic, such as tourism, hospitality and events, sports and performance venues, as well as businesses that didn’t previously qualify for aid money.

The grant program is a joint mission between the city of Colorado Springs and Exponential Impact, a local business development organization, utilizing American Rescue Plan Act money.

There is $1.2 million in funding available for this phase of the program. The first wave came during the pandemic’s early months in 2020, the second was in spring 2021 and the third opened applications Wednesday, said Vance Brown, interim director of Exponential Impact.

“There was really a need out there,” said Heather Mcbroom, founder and CEO of Precision Services and a participant in the program. “And so I’m

very thankful that the city and Vance at Exponential Impact saw that need and created a program that would be more available for those businesses that kind of fell through the cracks.”

Businesses that can document their financial hardship caused by COVID-19 and can articulate how funding would help them “survive and thrive” are eligible to apply for up to $50,000 grants, Brown said.

Businesses with up to 500 full-time employees are eligible as well as nonprofits that are 501(c)(3) or 501(c)(19) tax-exempt organizations, a news release said.

Along with hard-hit industries, underserved communities also will be prioritized in grant awards, Brown said.

Those chosen to receive grant money can use the funds toward rent, payroll and maintenance, among other expenses, the release said.

Barring certain exceptions, businesses awarded grant money must participate in two months of business mentoring and learning programs, Brown said.

“We believe the special sauce is not just the programming but the mentoring,” Brown said. “When you look at the impact of the pandemic ... we all came together and helped each other and that produced an amazing return.”

Businesses can apply at exponentialimpact.com/surviveandthrive until Sept. 2.