The Tucson Mayor and City Council authorized $1,000,000 for small business loans to mitigate the financial impacts of COVID-19. Business Development Finance Corporation administers the City’s loan program and is taking applications until midnight May 26 at www.bdfc.com.
Since the loan program rolled out in April, more than $300,000 has been awarded to small businesses within the City. The remainder of the funds will be allocated toward direct loans targeted to businesses that are minority, women, veteran or disability-owned and/or located in low to moderate income areas.
According to Mayor Regina Romero, this helps some of the most vulnerable small businesses in our community. “We want to make sure our historically underserved businesses are benefitting from the financial assistance programs that are so urgently needed right now,” said Mayor Romero.
To be eligible for the Tucson Resiliency Loan Funds, a business must be located within the Tucson city limits and have a valid City of Tucson business license or be registered with the Arizona Corporation Commission in good standing.
According to Barbra Coffee, Director of Economic Initiatives for the City of Tucson, an eligible business is one that is locally owned and operated and not a national chain. “Locally owned businesses are the backbone of our city,” said Coffee. “We need to ensure they have an opportunity to access capital when they need it most, and right now, these businesses are struggling to survive.”
Direct loans at 0% interest will be available to small businesses, sole proprietors, 1099 contractors and 501(C)(3) nonprofit organizations that meet the eligibility criteria which includes having a bank or credit union account, or willingness to establish one, and having no more than fifty full time equivalent employees. A franchise is eligible if it is locally owned and listed on the SBA franchise registry.
For more information on these loan programs, go to www.bdfc.com or contact the City of Tucson Small Business Hotline at 520-837-4100.
About the City of Tucson Office of Economic Initiatives:
The City of Tucson Office of Economic Initiatives coordinates the City’s economic development programs for the purpose of attracting jobs and investment to the City of Tucson. It also offers local small business and entrepreneurial assistance and encourages workforce development in order to foster a long term sustainable and diverse local economy. For more information or to contact the Office of Economic Initiatives, visit ConnectTucson.com.