RESURGENCE BUSINESS LOAN
In order to help businesses overcome the effects of the pandemic and thrive, the City of Tacoma will deploy $1.1 million received from the Economic Development Administration as low-interest business loans. The City of Tacoma will be awarding 5-year loans up to $25,000 that require no payments (no principal nor interest) for the first 12 months.
Requirements to apply:
- Business (brick and mortar or home-based) must be within City of Tacoma limits
- Business has no more than 20 full-time equivalent (FTE) employees
- Business operated for at least 6 months, opened during or prior to June 2020
Eligible uses of the loan:
- Commercial rent or mortgage (only brick and mortar businesses)
- Working capital
- Other business expenses
The loan will carry a fixed interest rate of 75% of Wall Street Journal prime rate at the time of loan closing. As of December 2020, the WSJ prime rate is 3.25%, so the City of Tacoma would be able to offer the Resurgence Business Loan at a fixed 2.44% interest rate.
How to apply:
You will be able to apply for this loan on this page starting on JANUARY 27, 2021. City staff will verify that your business address is within Tacoma limits. If you end up being eligible, you will receive an email with a DocuSign link to fill out the application and attach required documents.
Here is a list of documents we recommend having ready by January 27, 2021, the launching of the Resurgence Business Loan:
- 2019 business taxes filed with the IRS
- 2020 Profit and Loss Statement (at least until Quarter 3 of 2020)
- 2020 Balance Sheet (at least until Quarter 3 of 2020)
Can I receive help applying?
The City of Tacoma contracted with the following community navigators who can help you answer questions regarding the application. These individuals or organizations are helping the Community and Economic Development Department promote the Resurgence Loan in multiple languages.
- Faaluaina Pritchard, Asia Pacific Cultural Center (can speak several languages), email@example.com, 253-383-3900
- Lorenzo Cervantes (can speak Spanish), Latinx Unidos of the South Sound, firstname.lastname@example.org
- Whitney Dixon, the Dixon Consulting Group LLC, email@example.com
- Maamideede Hudson (can speak Spanish), Tacoma Urban League, Maamideede@thetacomaurbanleague.org, 253-383-2007
- Henry Jauregui (can speak Spanish), Latino Community Fund, firstname.lastname@example.org
Frequently asked questions
Please visit the following page for answers to frequently asked questions.
Resurgence Business Loan timeline
January 27, 2021: Loan application opens
February 21, 2021: Loan application closes
March 12, 2021: All applicants are notified regarding a decision on their loan application