Local businesses looking for support can receive support from the Community Investment Corporation, which specializes in loan products and partnerships.
The company’s immediate offerings are intended to help bridge current and impending gaps in cash flow for small businesses as the details for a government stimulus package and qualifications for assistance are finalized.
Offerings include microloans up to $10,000 to any small business affected by the COVID-19 closures. Loans terms can extend as far out as five years and a rate of 3 percent. CIC will also offer loans with interest-only payments for up to six months so that businesses have time to recover from economic challenges caused by the viral outbreak.
In partnership with Growth Partners Arizona, CIC will also offer no interest, no fee, community backed business loans ranging from $1,000 to $15,000. The loans are crowdfunded via Kiva, which provides a worldwide platform for fundraising.
Kiva is also offering a six-month grace period for new payments.
Community Investment Corporation is a nonprofit economic development organization “dedicated to the prosperity of Pima County and the surrounding area since 1996.”