Helping the community access capital during COVID-19
As part of Phoenix’s community response to the COVID-19 pandemic, the Phoenix IDA Board of Directors has allocated emergency relief funds for nonprofits and small businesses. Outlined below are resources available to support the local economy as the community comes together to reduce the effects of the crisis.
Small Business Financial Relief
New! Relief Grants - Round Two (May 2020) – Application opens May 21, 2020
The City of Phoenix, in coordination with the Phoenix IDA, is offering grants up to $10,000* to local small businesses and startup companies experiencing economic distress and sudden loss of revenue due to the COVID-19 pandemic.
Relief grants are intended to help for-profit small businesses and startups keep employees on payroll and meet other necessary operating costs. Preference will be given to small businesses located in economically distressed areas of Phoenix.
Applicant must confirm neither it nor any affiliate organization has previously accepted a Phoenix Small Business Relief Grant (during round one), or City of Phoenix Resiliency Grant.
*While funding is available. Program administered by the Arizona Community Foundation.
To learn more and apply, please visit: azfoundation.org/SmallBusinessRelief
Relief Grants - Round One (April 2020) – Application now closed
The Phoenix IDA, in coordination with the City of Phoenix and other funding partners, awarded grants up to $10,000 to approximately 200 local small businesses experiencing economic distress and sudden loss of revenue due to the COVID-19 pandemic.
Relief grants were intended to help for-profit small businesses keep employees on payroll and meet other necessary operating costs. Grant recipients were in or next to economically distressed areas of Phoenix.
Fund partners included the Arizona Community Foundation, Arizona Public Service, and the Phoenix Community Development and Investment Corporation.
New! Payroll Protection Program Loans
The Phoenix IDA loaned $5.5 million to Prestamos Community Development Finance Institution (CDFI) in April 2020. Prestamos CDFI is now accepting the Small Business Administration (SBA) Paycheck Protection Program applications. The funding is to incentivize business owners to keep their staff on the payroll as we all persist through the COVID-19 pandemic.
Prestamos is a CDFI that is certified to serve small businesses in low-income communities and minority and women-owned businesses.
To learn more and apply, businesses should visit: prestamosloans.org/ppp
Nonprofit Organization Financial Relief
Arizona Community Foundation COVID-19 Community Response Fund
The Phoenix IDA provided $100,000 to the Arizona Community Foundation COVID-19 Community Response Fund to support nonprofits as they respond to the impact of COVID-19 within communities across the Valley and state.
ACF is committed to working with other funding partners and community collaborators to move resources quickly and adapt to evolving community needs in order to support gaps not covered by state or federal relief funding. One hundred percent of contributions to this fund will be distributed swifty to nonprofit organizations as needs arise.
Nonprofit organizations in need of assistance, please apply here.
Donors interested in providing financial support, please contribute here.
Additional Financial and Community Resources
Philanthropic organizations, governments, and other community supporters are coming together to provide relief funding and support Arizona’s nonprofits and small businesses impacted by and on the front lines of the pandemic.
Coronavirus Business & Resident Resources – City of Phoenix
Small Business Relief Fund– Local First Arizona
Disaster Assistance – U.S. Small Business Administration
Consolidated Financial Resources for Businesses – Greater Phoenix Economic Council
United for the Valley COVID-19 Fund – Valley of the Sun United Way