Gov. Katie Hobbs announced Thursday the state has launched the Arizona Microbusiness Loan Program.
The program established by the Legislature last year sets aside $5 million dollars in loan funding accessible to businesses with five or fewer employees. Each borrower could receive up to $50,000 in loans.
Partners with the program provide lending education. The funds are available statewide, including in tribal communities.
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The changes are part of Project EASE (Effective Access Solutions for Easing Congestion). It’s a three-year pilot program with a total cost of more than $16 million, 80% of which is funded through federal grants from the Federal Highway Administration.
