Arvada Helps Small Businesses Through Emergency Loans
ARVADA, Colo. (CBS4) - The City of Arvada announced it has granted loans to more than 250 small businesses in the city. The Emergency Small Business Loan Fund has been suspended as all available funds have been distributed.
256 small businesses in Arvada saw some financial assistance from the city. $2.5 million in interest-free bridge loans of up to $10,000 each were given out. Those loans are intended to help businesses stay active until Federal dollars get to the city.
"I am extremely proud of the speed at which the City responded to this need," Arvada Mayor Marc Williams said in a release. "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."
The Arvada Emergency Business Recovery Initiative is still active and taking applications. Business owners interested in applying may do so here.
The business are encouraged, if possible, to repay the loans as fast as possible so that other businesses may benefit from the money.
