Business & Tech
More Than 250 Arvada Businesses Apply For Emergency Loans
The City of Arvada has announced that all available emergency small business funding has been distributed to local businesses.
ARVADA, CO — The City of Arvada announced the suspension of its Emergency Small Business Loan Fund Tuesday after all available funding was distributed to 256 local businesses, officials said. Remaining small businesses that qualify for the fund will be placed on a wait list.
Loan recipients who receive additional funding through the Small Business Association or other sources are "encouraged to repay the loan portion of these funds quickly so that the funds may be recirculated to other Arvada businesses in need," the city said.
“It is remarkable that the City stepped up at such a critical point to assist small businesses with $2.5 million in interest-free, partially forgivable 'bridge loans' while they wait for Federal funds," Joe Hengstler, executive director of the Olde Town Arvada Business Improvement District, said in a statement.
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"Olde Town Arvada small businesses are the backbone of the community, and this funding is making a real difference while we all work together to get through this difficult time.”
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Local businesses that are still in need of resources are encouraged to take advantage of the Arvada Emergency Business Recovery Initiative, which includes sales tax and utility payment plans, streamlined regulatory processes and additional commercial lending options. The initiative is supported by the Arvada Resiliency Task Force, a group that includes the city, the Arvada Economic Development Association, the Arvada Chamber of Commerce and other partners that are focused on business recovery.
"I am extremely proud of the speed at which the City responded to this need," Arvada Mayor Marc Williams said. "Arvada's local businesses are vital to our community, and we will continue to share resources to support this important partnership during a challenging time."
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