Ducey announces $3.5M for several small business assistance programs

Oct 25, 2021, 4:00 PM | Updated: 9:03 pm
(Pexels Photo)...
(Pexels Photo)
(Pexels Photo)

PHOENIX — Gov. Doug Ducey announced Monday $3.5 million in funding for several programs aimed at assisting small businesses recover from the COVID-19 pandemic.

The money, which will come from federal funding and the state’s Crisis Contingency and Safety Net Fund, will support four programs.

“This past year has brought extraordinary challenges on Arizonans and businesses across the state, and we are committed to helping them get back on their feet,” Ducey said in a press release.

“We’re making targeted investments that will go a long way in helping our small businesses create opportunities and foster growth in our state and they will help Arizonans get better financial footing after the devastating effects of the pandemic.”

InvisionAZ was allocated $1.5 million for the development of the EmergeAZ Fast II grant program in partnership with StartupAZ.

The program will provide financial and other mentoring to businesses.

Grants will range from $25,000-$50,000 based on availability, talent, previous venture capital funding and progression.

The Arizona Small Business Association was awarded $925,000 to establish its Growing Opportunities grant.

The grant, in association with the Arizona Healthy Forest Alliance, will provide training, mentorship, resources and support to those launching their own business.

ASBA was also allocated $650,000 to create the Small Business Relocation Grant Program.

The grants will be supporting small business growth, offset moving costs and provide money for businesses to establish a presence in the state.

Finally, Money Management International was provided $500,000 to help Arizonans repay debt, balance budgets and recover from disasters.

The money is targeted for low-income, disadvantaged or vulnerable households to help map out plans for financial recovery and literacy.

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Ducey announces $3.5M for several small business assistance programs