The loans, which will be issued in amounts from $10,000-$50,000, represent the second phase of the #GilbertTogether Business Recovery Program, a three-prong plan to provide relief to town businesses and residents hurt by the coronavirus pandemic.
"By partnering with Desert Financial Credit Union, Gilbert can provide a solutions-based low-interest microloan program to consolidate debt and help our local businesses not only recover but also thrive,” Mayor Scott Anderson said in a press release announcing the program.
The recovery loans are meant to "bridge the gap" between other loan programs and the revenue losses local businesses have faced due to the pandemic and related business shutdowns. These microloans will be offered at a rate of 4% for a term of up to 48 months or at a rate of 5% for a term of up to 60 months.
The loans will be awarded on a first-come, first-served basis to qualified applicants. The first payment for these loans is deferred for 90 days.
Gilbert-based businesses that have questions about the #GilbertTogether Business Recovery Program or are interested in applying for a loan, grant or technical assistance can visit www.gilbertaz.gov/bizprograms.