Updates

Rio Nuevo Grants through YWCA of Southern Arizona and City of Tucson

In December 2020 Rio Nuevo, YWCA of Southern Arizona, and the City of Tucson offered small businesses additional grant opportunities. The YWCA of Southern Arizona distributed grants of up to $50,000 to local small businesses in the Rio Nuevo District that experienced economic hardship and loss of income due to COVID-19. The Small Business Continuity Grant Program was made possible by the We Are One | Somos Uno Resiliency Fund using City Federal CARES funds to support local businesses.

Rio Nuevo Economic Relief Assistance Program

The Rio Nuevo District provided temporary funding assistance in April 2020 to locally operated small businesses within the TIF District in response to the COVID-19 pandemic.

Rio Nuevo awarded 105 eligible businesses with direct monetary support. The Board was determined to expedite the process to ensure that funding was provided quickly to pay for immediate needs including payroll, rent, and utilities. Grants ranged from $5,000 to $50,000 based on the business’s revenue and tax generated. Rio Nuevo utilized non-tax dollars for the program, totaling well over one million dollars.

In addition to directly funding District merchants, Rio Nuevo provided SBA loan guidance to merchants, meeting with them to discuss loan and grant options.

 

 

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