Tucson Coronavirus: City Authorizes $1M For Small Business Loans

TUCSON, AZ—Following the demand for financial assistance from businesses negatively affected by the coronavirus pandemic, Tucson City Council recently authorized a $1 million contribution toward the We Are One/Somos Uno Resiliency Fund.

Through the fund, businesses in need can take advantage of the Tucson Resiliency Direct Loan Program, which is administered by the Business Development Finance Corporation. The funds can help businesses hit hard by the coronavirus.

To qualify, businesses must be located within Tucson city limits, have a valid City of Tucson business license, and be registered with the Arizona Corporation Commission (ACC) in good standing (sole proprietors do not have to be registered with the ACC.)

Direct loans of up to $25,000 at zero percent interest are available to small businesses, sole proprietors, 1099 contractors, and 501(c)(3) nonprofits that meet the eligibility criteria.

To view the Tucson Resiliency Loan application, click here.