Deadline for Tucson's Resiliency Fund is May 26

Certain small businesses encourage to apply
Posted at 10:31 PM, May 21, 2020
and last updated 2020-05-22 01:31:30-04

TUCSON, Ariz. — The City of Tucson is making a bigger push to help small businesses struggling through the COVID-19 pandemic.

Mayor and Council authorized 1 million dollars for loans and has given out a third of the amount.

Now they're trying to reach a targeted group of businesses, but the deadline is right around the corner.

Small businesses, contractors, and non-profits have until midnight on May 26th to file an application for a 0% interest loan.

The city says it wants to be flexible with owners -- possibly offering no payments for up to 6 months.

"And the length of the loan would be up to 10 years and again just looking for a reasonable ability to repay," said Barbra Coffee, the Director of Economic Initiatives.

She says for this next round of money the city is targeting specific businesses that are minority, veteran, disability, and women-owned - in low to moderate income areas.

"We will look at a distribution that is by ward so that we can see that the loans are going to work in the farthest reaches of the city," she said.

The most a business can get is $25,000.

Coffee says small businesses are the backbone of the city and many are at a critical juncture right now.

"It is still a common need among our small business community to have capital to operate, to deal with inventory and other expenses that are now going to be associated with startup and recovery," said Coffee.

For more information on these loan programs, click here or contact the City of Tucson Small Business Hotline at 520-837-4100.