The City of Tacoma’s Community and Economic Development Department has developed a low-interest loan program to help local small businesses during the COVID-related economic downturn.
The Resurgence Business Loan Program launches Jan. 27.
Through the Resurgence Business Loan Program, the City of Tacoma will award five-year loans up to $25,000 that require no payments (no principal nor interest) for the first 12 months. Neither collateral nor equity is required. There is no cost to submit an application.
The program is made possible by a Revolving Loan Fund award of $1.17 million to the City from the U.S. Economic Development Administration.
The Resurgence Business Loan is available to small businesses with brick-and-mortar establishments, home-based businesses, and food trucks operating within Tacoma city limits with 20 or fewer full-time equivalent employees. A business must have operated for at least six months starting from, or prior to, June 2020.
Detailed application information is available at makeittacoma.com/resurgenceloan. Questions regarding this program can be emailed to email@example.com.