The City of Tempe (AZ) and Desert Financial Credit Union (Phoenix, AZ) on April 21 launched the $1 million Tempe Small Business Emergency Loan Program.
Tempe small businesses that employ between 5 and 50 people as of March 19, 2020 may be eligible for microloans of between $5,000 and $20,000.
Applicants must have a minimum credit score of 640. The small business needs to have operated within the city of Tempe for at least 2 years. The applicant cannot be delinquent on any state, federal, or local taxes.
The loans have a fixed interest rate at 4 percent with a repayment terms of up to 48 months. A small business owner must provide a personal guarantee and if the loan is awarded, the small business must establish a business account with Desert Financial Credit Union.
The first payment is deferred for 90 days.
The emergency loan program could serve as many as 200 Tempe small businesses.
The program will end either within 3 months or until the total guaranteed amount is lent.
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