TEMPE, Ariz.—The City of Tempe and the $4.9-billion Desert Financial Credit Union have launched a $1-million Tempe Small Business Emergency Loan Program.
Tempe small businesses that employ between five and 50 people as of March 19, 2020 may be eligible for microloans of between $5,000 and $20,000, the credit union and city announced in a joint release.
The funds could be used to cover payroll, rent or to pay suppliers, or anything else necessary for a business to sustain operations. The first payment for these loans is deferred for 90 days to help businesses get back on their feet.
The Phoenix-based credit union and the city are estimating the program could serve as many as 200 eligible companies. Loans will be awarded on a first-come, first-served basis to qualified applicants.
“We are doing everything we can to help our local Tempe businesses through this pandemic,” said Tempe Mayor Mark Mitchell. “We thank Desert Financial Credit Union for being willing to think creatively with us and for making this program possible.”
As CUToday.info reported here, VyStar Credit Union has also entered into a partnership in its home market of Jacksonville, Fla. on a partnership that is making $50 million in small business loans available.