The city of Peoria has developed several programs to provide financial support to small businesses during the COVID-19 pandemic.
Peoria businesses can apply for the Small Business Emergency Loan Program and/or the Community Development Block Grant Small Business Assistance Grant Program beginning in early July.
With more than 3,500 small businesses, entrepreneurs and innovators operating in Peoria, these programs have been created to help organizations that were deeply and financially affected by the pandemic.
Small businesses with less than five employees are at the highest risk of not being able to receive federal funding to ensure they can reopen and adhere to the new, stricter Centers for Disease Control and Prevention guidelines for social distancing and cleanliness.
In partnership with Bell Bank, the Small Business Emergency Loans are microloans of $5,000 up to $20,000 for businesses that employ less than 20 people. The loans will be awarded on a first-come, first-serve basis to qualified applicants that need help with working capital needs or normal business operating expenses throughout the pandemic recovery period. The loans have a fixed, low interest rate and repayment terms up to 48 months. The first payment for these loans will be deferred for 120 days to help businesses get back on their feet.
The CDBG Small Business Assistance Grants are for enterprises that make the community stronger by creating jobs for low- to moderate-income individuals. There are 20, one-time grants available for business owners and entrepreneurs who did not receive funding through the Paycheck Protection Program or the Economic Injury and Disaster Loan. Grants in the amount of $5,000 will be awarded to eligible Peoria businesses with annual revenue of less than $750,000 and can demonstrate assistance in stabilizing and expanding microenterprises that provide medical, food delivery, cleaning and other personal services to support home health and quarantine.
For more information about the CDBG Small Business Assistance Grant Program and the Small Business Emergency Loan Program, visit www.peoriaaz.gov/business. Information on program requirements and applications will be available in early July.