$1 Million for Small Business Loans

TUCSON, ARIZONA, USA – The Tucson Mayor and City Council authorized $1 million for small business loans to mitigate the financial impacts of COVID-19.

Business Development Finance Corporation administers the City’s loan program and is taking applications until midnight May 26 at www.bdfc.com.  

Since the loan program rolled out in April, more than $300,000 has been awarded to small businesses within the City.

The remainder of the funds will be allocated toward direct loans targeted to businesses that are minority-, women-, veteran-, or disability-owned and/or located in low-to-moderate income areas.

According to Mayor Regina Romero, this helps some of the most vulnerable small businesses in our community.

“We want to make sure our historically underserved businesses are benefiting from the financial assistance programs that are so urgently needed right now,” Romero said. 

To be eligible for the Tucson Resiliency Loan Fund, a business must be located within Tucson city limits and have a valid City of Tucson business license or be registered with the Arizona Corporation Commission in good standing.

According to Barbra Coffee, Director of Economic Initiatives for the City of Tucson, an eligible business is one that is locally owned and operated and not a national chain.

“Locally-owned businesses are the backbone of our city,” Coffee said. “We need to ensure they have an opportunity to access capital when they need it most, and right now, these businesses are struggling to survive.”

Direct loans at 0% interest will be available to small businesses, sole proprietors, 1099 contractors and 501(C)(3) non profit 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 50 full-time equivalent employees. A franchise is eligible if it is locally owned and listed on the SBA franchise registry.

For more information on these loan programs, go to www.bdfc.com or contact the City of Tucson Small Business Hotline at 520-837-4100.