NW Valley Times

The City of Peoria will aid struggling businesses with grants and loans.

The city formed a partnership with Bell Bank to help small businesses request help through the Small Business Emergency Loan Program or Community Development Block Grant (CDBG) Small Business Assistance Grant Program.

Businesses with less than 20 employees can apply for a Small Business Emergency Loan of $5,000 to $20,000. A first-come, first-serve rule will be applied to qualified applicants who are in need of working capital or operating expenses while recovering from the pandemic.

The loans will have a repayment term of up to 48 months with a fixed, low-interest rate. The first payment will be delayed for 120 days.

Twenty one-time grants can be accessed by low-to-moderate enterprises not funded by the Paycheck Protection Program or the Economic Injury and Disaster Loan through CDBG Small Business Assistance Grants. Eligible businesses can receive up to $5,000 if they have annual revenue of less than $750,000 and can help microenterprises related to cleaning, food delivery, medical and other personal services during the pandemic. 

“Peoria’s businesses are an essential part of the unique character of our city and over the past few months, they have experienced the far-reaching implications of this global pandemic first hand,” said Mayor Cathy Carlat in a release. "As we work toward recovery, we must continue to do all that we can to support the long-term viability of our main street businesses, and these programs are intentionally designed to provide immediate relief to those who have been hit the hardest.” 

Visit www.peoriaaz.gov/business for more information.