A new program from Maricopa County and Prestamos CDFI will soon deploy $13 million in low-interest loans to small businesses rebuilding in the wake of the COVID-19 pandemic.
Prestamos, a division of nonprofit group Chicanos Por La Causa, is working with the county to disburse loans worth between $10,000 and $100,000 to qualifying small businesses at 1% interest for up to five years.
Businesses must have fewer than 50 full-time employees, be based in Maricopa County, and generate less than $5 million in annual revenue in order to be considered for a loan.
The county will also cover the cost for 2,500 small businesses to receive up to five hours of business coaching, to help with finances, strategic planning, pivoting, marketing, and more.
The lending and coaching operations, together, are called the Maricopa County Small Business Resilience Program.