TEMPE, Ariz. — As the shelter-in-place order continues across Arizona, many small businesses struggle to stay open amid the coronavirus outbreak.
So to assist those local businesses, the City of Tempe and Desert Financial Credit Union developed a new program for Tempe-based companies, creating the $1 million Tempe Small Business Emergency Loan Program.
This first-of-its-kind program creates microloans of between $5,000 and $20,000 for eligible Tempe businesses that employ between 5 and 50 people. The purpose of the program is to help local companies overcome financial challenges caused by the coronavirus.
The emergency loan program could serve as many as 200 eligible companies. Officials said the loans will be awarded on a first-come, first-serve basis to qualified applicants. Companies that are approved will have the first loan payment deferred for 90 days.
The program will end either within three months or until the total guaranteed amount is loaned, whichever comes first.
Businesses that are interested in applying can get started by calling 602-335-6318 or visiting www.desertfinancial.com/TempeLoanProgram.
