The City of Tacoma’s Community and Economic Development Department is providing stabilization loans to local small businesses negatively impacted by COVID-19.
The $1 million COVID-19 Stabilization Loan Program utilizes existing revolving loan funds. Out of 200 applications received, the City approved 69 small businesses with brick-and-mortar establishments within Tacoma city limits, and 10 or fewer employees, to receive stabilization loans averaging approximately $15,000 each.
“With relatively limited resources, the City is grateful to be able to provide Tacoma’s small businesses with some level of assistance during this time of economic disruption,” stated Mayor Victoria Woodards. “Approximately 36 percent of businesses approved for funding operate in the food and beverage industry, followed by 20 percent in the retail industry. These have been two of the hardest hit sectors during this pandemic and, along with Tacoma’s other small businesses, are the lifeblood of our local economy.”