Small businesses throughout Southern Arizona seeking financial support can now access a new source of funding through the Arizona Microbusiness Loan Program—a $5 million effort spearheaded by Governor Katie Hobbs in collaboration with the Arizona Office of Economic Opportunity. The Community Investment Corporation (CIC), a non-profit lender established in the region, is teaming up with Groundswell Capital, the state's inaugural green bank, to facilitate this initiative.
For over two decades, CIC has been tailoring financial services and educational resources to the specific needs of small ventures especially those that have struggled to secure funding from traditional banks. With this new partnership, Groundswell Capital and CIC focus on empowering small-scale businesses within the Cochise, Graham, Greenlee, Pima, and Santa Cruz counties, effectively providing them with tailored loan options. "We are grateful to have been selected to utilize this funding to continue supporting more businesses in our community," said Caroline Nelson, COO and Director of Lending at CIC, according to a statement obtained by the Pima County Newsroom.
The program emphasizes economic growth and job generation and aligns with both organizations' commitment to fostering inclusivity in financial accessibility. "Our participation in this program not only enhances our capacity to deliver vital financial support to small businesses but also empowers us to continue dismantling obstacles so that everyone in our community has an equal opportunity to access resources and funding,” Nelson explained. CIC's active engagement in facilitating loans testifies to its dedication, with Groundswell Capital expected to roll out its loan programs by late 2024.
Those interested in the services offered by CIC can reach out through [email protected], while details about Groundswell Capital can be requested via [email protected]. "Through this enhanced access to capital, we will be able to expand our successful AVANZA Empowerment Fund and launch new products through Arizona's first green bank. We are thrilled to be collaborating with CIC," stated Dre Thompson, CEO of Groundswell Capital.
