By Corina Vanek – Reporter, Phoenix Business Journal
Apr 14, 2020
Phoenix IDA, formerly known as the Phoenix Industrial Development Authority, is offering grants up to $10,000 for Phoenix-based small businesses impacted by the closures due to novel coronavirus.
The organization — which has partnered with the Arizona Community Foundation, Arizona Public Service Co. and the Phoenix Community Development and Investment Corp. — has a fund of $2 million available to be distributed as grants.
“We generate revenue from services and try to invest back into the community,” said Christa Severns, spokeswoman for the Phoenix IDA. “When COVID-19 hit, we saw an opportunity to help small businesses. We will allocate the funds to help small businesses experiencing economic distress.”
To qualify for a grant, the business must:
• Be based within the city of Phoenix;
• Have been in operation before Jan. 1, 2019;
• Have its physical establishment in a low-income census tract or on a street bounding a low-income census tract;
• Have no more than 25 employees as of Feb. 1, 2020;
• Have no more than $3 million in gross total sales between Jan. 1, 2019 and Dec. 31, 2019;
• Have gross total sales decline by at least 25% in February and March 2020 as compared with February and March 2019 and have the ability to prove the pandemic has caused financial distress.
The portal to apply for the grants will be open until the $2 million has been distributed. Applicants should expect a minimum of 10 days between applying and receiving the grants, but processing should take no more than 15 business days, Severns said.
To apply for a grant, visit: azfoundation.org/smallbusinessrelief