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Resurgence Business Loan Program

City of Tacoma Launches Resurgence Business Loan Program in Support of Tacoma’s Small Businesses

FOR IMMEDIATE RELEASE

January 21, 2021

 

MEDIA CONTACTS

Tanisha Jumper, Media and Communications, tjumper@cityoftacoma.org, (253) 591-5152
Maria Lee, Media and Communications, maria.lee@cityoftacoma.org, (253) 591-2054

 

City of Tacoma Launches Resurgence Business Loan Program in Support of Tacoma’s Small Businesses 


TACOMA, Wash. -- In ongoing efforts to help local businesses during this COVID-related economic downturn, the City of Tacoma’s Community and Economic Development Department has launched a Resurgence Business Loan Program. This low-interest loan program is made possible by a Revolving Loan Fund award of $1,170,000 to the City from the U.S. Economic Development Administration. Through the Resurgence Business Loan Program, applicants may request to borrow up to $25,000 and will not have to make payments until 2022. Neither collateral nor equity is required.

"Small businesses continue to be the lifeblood of our local economy,” said Tacoma Mayor Victoria Woodards. “This new loan program is one of many we have developed thus far to support them and help them weather the economic challenges brought on by the COVID-19 pandemic.” 

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. There is no cost to submit an application.

The Resurgence Business Loan Program launches January 27, 2021. Detailed application information will be available at makeittacoma.com/resurgenceloan. Questions regarding this program can be emailed to resurgenceloan@cityoftacoma.org.

 

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