The City of Tigard is expected to soon kick offTigard CARES (Commercial Assistance & Relief for Economic Stability), a program that will provide financial assistance totaling $1,000,000 to help firms overcome the temporary loss of revenue from the COVID-19 crisis.
On April 7, the Tigard City Council is expected to pass the economic development program to speed emergency funding to Tigard businesses who are in most need of support.
According to a news release, the Tigard CARES program?continues the city's ongoing commitment to equitable development and inclusion by focusing resources for?businesses?that most need help accessing federal and state programs. To sustain the viability of?Tigard businesses while they await federal resources, Tigard CARES will provide assistance for:?Fixed expenses such as rent, insurance and other fixed operating expenses Employee retention?(payroll) Inventory preparedness for when business restarts?
The city is partnering with two local, federally-accredited Community Development Financial Institutions?(CDFIs) to deliver this economic lifeline to small businesses in Tigard. Tigard CARES will offer a combination of micro-loans, grants and business-advising services for?Tigard?firms, according to city officials. The program will leverage city funds against a combination?of?federal, foundation?and private funds to triple the $300,000 Tigard City Council anticipated committing to this effort.?
"I'm pleased that we can provide many of our important local businesses with a range of options to meet their diverse needs," said Tigard Mayor Jason Snider. "By leveraging our limited funds, we can help more businesses immediately and also facilitate new relationships with CDFIs that are key to the long-term financial stability of our businesses and local economy."
Grant and loan recipients typically work with CDFIs to secure technical assistance, business advice and access to additional capital.
"Tigard CARES shows the city's commitment to small business owners and entrepreneurs," said Lloyd Purdy, economic development manager for the City of Tigard. "It's also innovative in its partnership with local financial partners who excel at getting financial resource into the hands of local businesses."
To learn more about the city's economic development program visit: Tigard-or.gov/ecdev.
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