#GilbertTogether Series: Business Recovery Loans

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Join the Gilbert's Office of Economic Development, the Gilbert Chamber of Commerce, and Desert Financial Credit Union for an overview of the Business Recovery Loan program, including a brief presentation and time dedicated to answering your questions!

Gilbert has partnered with Desert Financial Credit Union to bring a low-interest micro-loan to the Gilbert business community, which will provide loans from $10,000 - $50,000 to qualified businesses. 
 
Program Provisions

• Businesses including sole proprietorship, a partnership, Limited liability company, corporation, or other form of Business enterprise, operating within the Town of Gilbert.
• Provide loans between a minimum of $10,000 and a maximum of $50,000 to qualifying businesses that have been negatively financially affected by recent COVID-19 related business restrictions.
• Repayment up to 48 months at 4% APR and up to 60 months at 5% APR
• First Loan payment shall be deferred for 90 days.
• Loans awarded on a first come, first-serve basis to qualified applicants.
• If awarded, establish a business account with Desert Financial Credit Union.

• Business must have been located in Gilbert as of March 11, 2020 and continue to be located in Gilbert as of the date of the loan; and
• Business must have successfully operated a business for at least 2 years (does not need to have been in Gilbert for 2 years); and
• Business owner must meet minimum credit score requirement of 640; and
• Business must be current on all federal, state and local taxes; and
• Business must have been negatively financially affected by recent COVID-19 related business restrictions; and
• Business owner will provide a personal guarantee of the business’s loan; and
• Business must agree to terms of the loan agreement including using loan proceeds for specified purposes.