More than US$1 million have been allocated to support small businesses in Phoenix
PHOENIX, AZ – After three years, the Small Business Financial Assistance Program (SBFAP) entered its final year, providing support to locally owned small businesses along our South Central Extension/Downtown Hub light rail project.
This past April 1 was the program’s deadline and new this year, eligible businesses will be able to apply for between US$4,500 (up from US$3,000 in previous years) and US$9,000 in program funds.
Since its launch in 2021, SBFAP has distributed more than US$1 million in grants to more than 200 small and micro-businesses located in the vicinity of light rail work in Phoenix. Last year alone, the program awarded more than US$370,000 to 70 businesses located along two separate light rail construction routes.
“The grant was very helpful to our business. It helped us pay our bills, including rent. Everyone should apply,” said David Herrera, owner of La Tapatía Dining Room and Bakery.
The goal of the program is to assist businesses with 15 or fewer employees located along the South Central Extension/Downtown Hub construction corridor whose annual revenues do not exceed US$750,000.
SBFAP is a program created by Valley Metro and the City of Phoenix, with community collaboration and financial support from Phoenix Transportation 2050 (T2050) and Phoenix Community Development & Investment Corporation (PCDIC).
