TUCSON, Ariz. — Tucson Mayor Regina Romero and City Council authorized $1,000,000 for small business loans to alleviate financial impacts of COVID-19.
Business Development Finance Corporation will administer the We Are One loan program and will accept applications until midnight May 26.
According to a press release from the city of Tucson, since the loan program unfolded in April, over $300,000 has been awarded to small businesses in Tucson.
“We want to make sure our historically under-served businesses are benefiting from the financial assistance programs that are so urgently needed right now,” Mayor Romero said in a statement.
Eligibility requirements for the Tucson Resiliency Loan Funds:
- Business must be located within the Tucson city limits
- Have a valid City of Tucson business license
- Or be registered with the Arizona Corporation Commission
Direct loans at 0 percent 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.
Call the city of Tucson Small Business hotline at 520-837-4100 for more information or visit here.