Financial assistance program extended for small businesses in Phoenix
PHOENIX, AZ – After a first year, the Small Business Financial Assistance Pilot Program (SBFAP) in the City of Phoenix will continue through 2024, when the South Central Extension/Downtown Hub and Northwest Extension Phase II light rail projects will be completed.
The City Council reported that in its first year, SBFAP awarded more than $360,000 to 62 businesses affected by the construction of the light rail projects.
As the program enters its second year of funding, both new applicants and those who previously received funding are encouraged to apply. In order to enable more companies to qualify for the program.
Among the requirements, interested parties are asked for annual business revenues of no more than $750,000; in addition, the business must have been in operation prior to the start of light rail construction.
Businesses located adjacent to the Phoenix Metro construction site can apply for up to $9,000 in direct financial assistance, depending on their eligibility. The program is funded through Phoenix Transportation 2050 and Phoenix Community Development and Investment Corporation.
In addition to SBFAP, Valley Metro also offers a number of free business assistance programs, including social media outreach, community events, accounting and financial planning, marketing assistance and more.
“The additional revenue these grants provide can make a huge difference in the lives of local business owners and employees during light rail construction. What originally began as a pilot program has been so successful that it will continue through 2024,” said Phoenix Mayor Kate Gallego.
“With two years left of construction, I would like to ensure that we support our small businesses that are being impacted by the development of light rail. From technical assistance to rent relief, these grants will allow businesses to build the cash cushion needed for a slower Phoenix summer,” added Phoenix Councilmember Yassamin Ansari.
Source: MEXICONOW Staff