Loans now available to Arizona small businesses hit hard by coronavirus
By Jeff Gifford – Digital Editor, Phoenix Business Journal
Mar 19, 2020, 8:35pm EDT
Arizona small businesses hurt by the coronavirus pandemic can apply for up to $2 million each in loans from the U.S. Small Business Administration now that the agency has accepted the state’s disaster declaration request.
Arizona’s Economic Injury Disaster Loan declaration was approved by the SBA on Thursday after Gov. Doug Ducey submitted a letter requesting federal assistance on March 16.
“Business across the state have already experienced significant economic losses and are anticipated to continue to lose revenue due to this pandemic,” Ducey said in his letter.
Businesses can apply for loans through the SBA website at SBA.gov/disaster.
The normal loan processing time for the loans is around three weeks, according to Jordan Ripley of the SBA’s Arizona District Office.
Ripley said there is no limit to the total amount available to Arizona business, but individual borrowers can be approved for up to $2 million.
Other Business Resource Links
The Arizona Commerce Authority’s COVID-19 Arizona Business Resources page provides information, tools and guidance on business finance support, workforce assistance, essential infrastructure information, supply chain and logistics, housing and community volunteer opportunities. This site will be updated regularly as new information becomes available.
To apply for the SBA Disaster Loan Assistance Program: https://disasterloan.sba.gov/ela/
The Arizona Small Business Development Center Network is a great resource for small businesses: https://www.azsbdc.net
Small, Local, Independent Business Resources- https://www.localfirstaz.com/covid19
The Arizona Small Business Development Center Network (AZSBDC) is offering free confidential counseling to any small business owners who have concerns and/or need some help. For more info, visit
Arizona Restaurant Resources- https://azrestaurant.org/coronavirus/