The #GilbertTogether Business Recovery Program is providing Gilbert businesses with much needed financial assistance during the ongoing global pandemic.
Officially launched on October 30, the #GilbertTogether Business Relief Grant has since approved grants for 123 Gilbert businesses totaling over $2.4M. Collectively, these businesses experienced an average revenue decline of 44% as compared to 2019, and provide over 1,600 jobs in the community.
Relief grant recipients represent nearly every industry segment in Gilbert. The top five industry segments receiving grant awards thus far have been Food and Drinking places (23%), Other Services (which includes salons – 18%), Arts, entertainment, recreation (which includes gyms – 17%), Healthcare (12%), and Educational services (12%).
The first phase of relief grants is accepting applications until 4PM on Thursday, December 17th. A second round of relief grants will open in January 2021.
In addition to the relief grants, Gilbert launched a recovery loan program on October 19 in partnership with Desert Financial Credit Union. Nine businesses representing a variety of industries, including retail, construction, and healthcare, have received microloans totaling $270,000.
Loans available through this program range from $10,000 to $50,000 and are being offered at a rate of 4% for a term of up to 48 months, or a rate of 5% for a term of up to 60 months. The #GilbertTogether Business Recovery Loan is currently open and accepting applications.
If businesses are interested in applying for either the recovery loan or the relief grant, they can find program qualifications and application links at gilbertaz.gov/bizprograms.