After two successful years, the Small Business Financial Assistance Program (SBFAP) will continue supporting businesses impacted by light rail construction in Phoenix. Businesses located along the South Central Extension/Downtown Hub and Northwest Extension Phase II light rail projects can apply for this grant funding. Last year, the SBFAP granted $ 390,000 to nearly 70 businesses adjacent to light rail construction. In total, more than $765,000 has been disbursed to 131 businesses since program inception in 2021.
“It [the grant funding] was greatly appreciated. I used it to pay my rent and it was a real lifesaver. Martin from Prestamos came to my business and helped me process my application. Any business that is eligible should apply for this free money. It really helps us small businesses,” said Samson Davis, owner, Sam’s Barber Shop and Styling School, a business along the South Central Extension/Downtown Hub.
As the program enters its third funding year, new applicants and those who received funding previously are encouraged to apply for up to $9,000 in direct financial assistance, depending on their eligibility. The program is targeted to neighboring small businesses with 15 or fewer employees and not more than $750,000 in annual revenue.
To view all eligibility requirements and apply, visit prestamosloans.org/valleymetro.
The program is funded through Phoenix Transportation 2050 and the Phoenix Community Development and Investment Corporation. Prestamos CDFI is the program administrator.
Applications for the new funding year are now open.