COVID 19 Loan Program

Purpose
To provide emergency relief for those affected by the Covid-19 pandemic free of interest charges and fees.

Applicant Criteria

All loan applicants must:

• Be a resident of Southern Arizona including Pima, Cochise and Santa Cruz counties.
• Submit copies of identification such as an Arizona Drivers License, Social Security card or State Identification with application.
• Demonstrate a financial impact as a result of the current pandemic (eg: lost wages due to being unable to go to work, childcare expense due to school closures, small business losses, related medical costs).
• Demonstrate an ability to repay the loan.
• Provide a Debit/Credit card that monthly automatic loan payments are to be deducted from.
• Apply with spouse/partner as a co-applicant if married.

Important factors:

• Guarantors are NOT required.
• $1,800 maximum loan amount.
• Repayment begins 90 days after the loan is issued or at a time negotiated when the loan is issued.
• Credit will be checked for all applicants with an emphasis on payment history.

Process

• Loan applications will be reviewed by a committee.
• The committee reviews completed applications weekly.
• If approved, staff will send loan documents to the applicant within 3 business days of receipt of the approval.
• The promissory note must be signed using an electronic platform that allows Free Loan staff to witness the signing.