Tempe launches Small Business Emergency Loan Program

AZ Business Magazine | AZBigMedia

To help struggling local businesses during this unprecedented time, the City of Tempe and Desert Financial Credit Union have developed a first of its kind program for Tempe-based companies, creating the $1 million Tempe Small Business Emergency Loan Program.

Tempe businesses that employ between 5 and 50 people may be eligible for microloans of between $5,000 and $20,000. The intent is to help local companies overcome the financial challenges that coronavirus (COVID-19) has caused.

The Tempe Small Business Emergency Loan Program could serve as many as 200 eligible companies. Loans will be awarded on a first-come, first-serve basis to qualified applicants. The first payment for these loans is deferred for 90 days to help businesses get back on their feet.

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