Food, Tourism, Healthcare to Get Boost through Grants from Scottsdale Economic Group

The Scottsdale Industrial Development Authority is stepping up with an innovative infusion of capital for
small businesses walloped by the economic tsunami of COVID-19.

The new program provides $200,000 of funding in $5000 grants for local businesses in the food and
beverage, tourism and healthcare sectors, which have been especially hard hit by this global pandemic.
National numbers suggest that less than 9% of funding has been disbursed to these sectors, and even
less to business owners with 0-50 employees. Scottsdale IDA is partnering with the City of Scottsdale,
Experience Scottsdale, Scottsdale Area Chamber of Commerce, Scottsdale Leadership and the
Scottsdale Charros to create Scottsdale Thrives . The partners came together quickly so companies with
50 or fewer employees could get a range of short-term, mid-term and long-term funding.

“No one could have imagined the devastating impact the coronavirus would have on some of our most
prized Scottsdale industries that give our community a unique charm and cache,” said Scottsdale IDA
President Shannon Scutari. “Business owners took the responsible, painful step to close their doors and
help prevent the virus from spreading. Now, it is our turn to pitch in, help flatten the unemployment curve
and provide much-needed capital to our job creators as the economy slowly reopens.”

Interested business owners can review the grant criteria and apply at www.scottsdalethrives.com. The
goal is to distribute all grants during the month of May.

The grant program was originally proposed to be $100,000 in late March, but the Scottsdale IDA Board
voted unanimously to double the amount due to the overwhelming need of local businesses, which are
struggling to keep their doors open and their employees working.

The Scottsdale Industrial Development Authority was established by the Arizona Corporation Commission
on June 15, 1984. The function of the board is to issue tax exempt bonds to help attract new economic
activity to the community. The Small Business Grants Program was developed this year in response to
the effect of the COVID-19 pandemic on the small business community in Arizona.