San Tan Valley Area Information

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Disaster loans, lifeline credit available for AZ small businesses impacted by COVID-19

The coronavirus emergency is wreaking havoc on the economy, and many small business owners are scrambling to keep the lights on and make payroll. The U.S. Small Business Administration says disaster loans are available to help ease the burden.

Business owners can apply for loans up to $2 million, which can be used to pay fixed debts, payroll, accounts payable, and other bills. According to the SBA, the interest rate is 3.75% for small businesses and 2.75% for nonprofits.

Banks also are launching new emergency loan options to help bridge the gap. Mike Brown, the Arizona regional president of WaFd Bank, said 20 Arizona businesses have already applied for the bank's new business relief program. "We figured we'd get a lot of response, but it's just been overwhelming," he said. "It is a true lifeline because there is so much uncertainty going on from a timing perspective when this is going to end. This is just a lifeline to give them the comfort that we are there for them."

WaFd Bank, which is a national bank based in Seattle, said small businesses that show COVID-19 has impacted them can apply for lines of credit up to $200,000. The lines of credit are interest-free for 90 days.

"We have $100 million bucket and are allotting that for small businesses up to $200,000 lines of credit," Brown said. "We are offering these lines of credit to try to get them out of the predicament they are in."

According to WaFd, lines of credit up to $30,000 may be approved in as little as two to four days. WaFd previously offered similar loan products during last year's government shutdown. 

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Wednesday, 03 June 2020
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