Local business owners still attempting to secure financial funding during the pandemic have less than a week left to apply for the City of Tucson's $1,000,000 dollar small business resiliency loan program.
The city council is encouraging women, minority, veteran and disabled business owners to apply for the city's We Are One/Somos Uno Resiliency Loan Program before midnight on May 26. Over $300,000 has already been disbursed through the Business Development Finance Corporation to local small businesses since the program began in April.
“We want to make sure our historically underserved businesses are benefitting from the financial assistance programs that are so urgently needed right now,” Mayor Romero said.
Eligible small businesses are required to be located within the city limits, have a valid City of Tucson business license or they can be registered in good standing with the Arizona Corporation Commission. Businesses must also have a bank or credit union account —or willingness to establish one—and cannot have more than 50 full-time employees. Franchises are eligible for the loan program as long as it's locally owned and listed on the SBA franchise registry.
If eligible, small businesses, sole proprietors, 1099 contractors and 501(C)(3) nonprofit organizations which meet the eligibility criteria can receive direct loans at zero percent interest.
National chains are not eligible for the program.
For more information or to apply for the city's resiliency loan, click here. You can also contact the City of Tucson Small Business Hotline at 520-837-4100.