Gilbert has partnered with Desert Financial Credit Union to bring a low-interest microloan to the business community. This second phase of the #GilbertTogether Business Recovery Program will provide loans from $10,000 - $50,000 to qualified businesses. The #GilbertTogether Business Recovery Program is focused on supporting the relief, recovery, and resiliency of the Gilbert community. 

"Throughout the pandemic, we've witnessed the innovative steps Gilbert's small business community has taken to provide for not only this town but the Greater Phoenix area," said Mayor Scott Anderson. "By partnering with Desert Financial Credit Union, Gilbert can provide a solutions-based low-interest microloan program to consolidate debt and help our local businesses not only recover but also thrive." 

The recovery loans were created to enhance business recovery by "bridging the gap" between other loan programs and the revenue losses local businesses have faced due to COVID-19 and the related business shutdowns. These microloans will be offered at a rate of 4% for a term of up to 48 months, or a rate of 5% for a term of up to 60 months.

“Local businesses are both economic drivers and cultural touchstones, and the pandemic has hit many of them hard,” said Jeff Meshey, President and CEO at Desert Financial. “As a trusted local financial institution, we’re happy to help Gilbert merchants sustain operations during this unprecedented time, and look forward to a brighter future for all,” he added.

The #GilbertTogether Business Recovery Loan will be awarded on a first-come, first-served basis to qualified applicants. The first payment for these loans is deferred for 90 days to help businesses get back on their feet. 

In August, the Gilbert Chamber of Commerce and Gilbert Office of Economic Development surveyed approximately 300 Gilbert-based businesses to better understand their financial and technical needs. The survey revealed that over half of businesses had moderate to extreme concern about the ability to cover their payroll or pay their mortgage, lease, or rent.

"With vital data from the Gilbert business community, we were able to get a better understanding of the resources and programs the Gilbert small business community needs," said Economic Development Director Dan Henderson. "The data helped us focus on creating short, mid, and long-term programs that will support and grow the local business community." 

If you're a Gilbert-based business and have questions about the #GilbertTogether Business Recovery Program or interested in applying for a Business Recovery Loan, Business Relief Grant, or the Business Resiliency Technical Assistance, please visit gilbertaz.gov/BizPrograms.

Media Contacts
Gilbert, Arizona
Kiley Phillips
(480)243-0335
Kiley.Phillips@GilbertAZ.gov

Desert Financial Credit Union
Diane Meehl
(480)651-4654
Diane.Meehl@DesertFinancial.com

About Gilbert, Arizona
Gilbert is on a mission to be the City of the Future. We choose to “Anticipate. Create. Help people.” As Gilbert celebrates its 100th birthday in 2020, our focus is on keeping the thriving community that Gilbert is today well into the future, while continuing to be one of the top communities in the country. What sets Gilbert apart is a combination of a sense of community, a unique and enjoyable environment for residents and businesses and a commitment to innovation. Nationally recognized as the 12th most livable city in the country (SmartAsset, 2019); America’s fastest growing city (WalletHub, 2018); 2nd safest city in the U.S. (FBI Uniform Crime Report Data, 2019); and Best City for Business in Arizona (Arizona Chamber of Commerce and Industry, 2019), the Gilbert community of nearly 260,000 residents continues to prosper. In Gilbert, we are shaping a new tomorrow, today. Learn more by visiting www.gilbertaz.gov, follow Gilbert on Twitter (@GilbertYourTown), Facebook (Gilbert Town Hall) and Instagram (@GilbertYourTown).

About Desert Financial Credit Union
Celebrating 81 years in Arizona, Desert Financial is the state’s largest local credit union with $6 billion in assets, more than 340,000 members and 47 physical locations across the Valley, plus our fully online eBranch serving all of Arizona. As a not-for-profit cooperative, Desert Financial takes pride in sharing success. In 2019, Desert Financial gave nearly $11 million to Valley nonprofits, the community and members. Learn more at Desert Financial Credit Union and find news and information @desertfinancial on Twitter.