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Business Resources

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.

 

Read the entire article here...

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.

Small Business Administration Approves Loans For Arizona Businesses Affected By COVID-19

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