The U.S. Small Business Administration is stepping up in Arizona with loan assistance, and the Tucson Metro Chamber has launched a website to help local businesses find resources during the coronavirus outbreak.
The SBA approved an Economic Injury Disaster Loan declaration for Arizona small businesses who may be eligible for up to $2 million through the program.
The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of COVID-19’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere. The interest rate for nonprofits is 2.75%.
Visit sba.gov/funding-programs/disaster-assistance for more information.
The Tucson Metro Chamber site includes information on small business loans, employer resources and tips on working from home.
Amber Smith, the chamber’s president and CEO, said the government relations team is in communication with several financial institutions that are offering bridge loans — some with no interest for 90 days — and updates that information regularly.
Visit tucsonchamber.org/covid19 for more information and links to resources.
Email amber@tucsonchamber.org if you have resources for local businesses that you would like to include on the site.
