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COVID-19 Small Business Stabilization Loans

COVID-19 Small Business Stabilization Loans

FOR IMMEDIATE RELEASE

March 27, 2020

 

MEDIA CONTACTS

Tanisha Jumper, Media and Communications,tjumper@cityoftacoma.org, (253) 591-5152
Maria Lee, Media and Communications, maria.lee@cityoftacoma.org, (253) 591-2054

 

City of Tacoma Offers COVID-19 Stabilization Loans to Tacoma’s Small Businesses 


TACOMA, Wash. -- In an effort to mitigate the negative economic impacts of COVID-19 on Tacoma's small businesses, the City of Tacoma's Community and Economic Development Department has established a COVID-19 Stabilization Loan Program. 

"We know that small businesses are the lifeblood of our local economy and an essential part of the character of our city, and we are here to help," said Tacoma Mayor Victoria Woodards. "As we've seen in other cities across our nation, Tacoma's small businesses have also had a challenging few weeks. Under rapidly shifting conditions created by the COVID-19 pandemic, our small business community is continuing to innovate, activate contingency plans, and generously serve a wide range of community needs. While the full economic impacts of the pandemic are difficult to measure at this stage, we want to do what we can to help our small businesses remain viable amidst the restrictions that have become necessary to stem the spread of COVID-19 in Tacoma and across Washington state."

Loans for working capital up to $15,000 are available to small businesses with brick-and-mortar establishments within Tacoma city limits and 10 or fewer employees. They must have been operating in Tacoma for at least a year and, as part of the application process, they must be able to document a significant loss in revenue or sales due to COVID-19. There is no cost to submit an application.

With a five-year amortization period at a fixed interest rate of 75 percent of prime rate and no pre-payment penalties, loan payments will be deferred for 12 months after loan closing. This means that if a small business is approved for a loan and that loan closes in April 2020, the small business will not have to make any monthly payments until April 2021.

More information regarding the COVID-19 Stabilization Loan is available at makeittacoma.com, which also offers information about other available business resources. Questions regarding the the COVID-19 Stabilization Loan program should be emailed to covid19loan@cityoftacoma.org.

As the situation evolves, general information about the City’s response to COVID-19 will be posted on the “What’s Going On” section of the City’s website. Information about COVID-19 is available at TPCHD.org/coronavirus.

 

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