“I am thankful for the CIC loan. I applied for three other programs but I never heard back. Having this CIC loan allows me to continue providing needed medical transcription services even though the volume has decreased temporarily because non-emergency visits are down.” Michelle L. Coronado, Medical Transcription
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Have you ever been asked “How profitable is your business?” and not known what to say? Have you ever tried seeking funding for your business and come to a dead end when you were asked for your “P&L”?
The course below covers the basics of one of the three most important financial documents in business, the Profit & Loss Statement (or “P&L”). You’ll learn:
This class was developed by CIC staff who combine expertise in finance, banking, and education. In our approach, we strive to make the materials accessible to all audiences. We hope you enjoy it!
Original Air Date: Thursday, May 21, 2020.
CLICK HERE to view all the resource materials shared in this course.
FOR IMMEDIATE RELEASE:
May 29, 2020
Danny Knee, Executive Director
Community Investment Corporation (CIC)
520-609-2596
DannyK@cictucson.org
CIC and Wefunder Launch Two Women-Led Equity Crowdfunding Campaigns
Here at the Community Investment Corporation (CIC), we’re dedicated to expanding economic opportunities for entrepreneurs across Southern Arizona and the broader cross-border region of Sonora. We’re continuing to evolve as we discover new needs in the community and match those to better, more accessible options for funding.
Entrepreneurship, the lifeblood of our economy, is in decline
A study from The National Bureau of Economic Research (NBER) describes how entrepreneurial activity started slowing down 30 years ago, took a sharp hit during the economic downturn of the 2000’s and has yet to recover. “We’ve seen decent job growth but 0% new business growth” says Zach Yentzer, host of The Tipping Point podcast on KVOI The Voice. (source)
The challenge most heard from entrepreneurs is lack of access to capital. This presents a tremendous opportunity to bring new funding options to Tucson to support entrepreneurs starting and growing businesses in our community. One such option is equity crowdfunding. To raise awareness and uptake of this new-ish funding option, CIC has formed a partnership with Wefunder, an equity crowdfunding platform out of San Francisco.
What is equity crowdfunding?
The recently passed JOBS Act allowed companies to raise funding through non-accredited investors (the 97% of the population who are not high-net-worth individuals), also known as Regulation Crowdfunding. CIC has partnered with Wefunder to promote this option to local business owners and provide resources to help them be successful.
This opens up the door for Community Capital: a movement to democratize financial systems, where empowered citizen investors catalyze the growth of locally-rooted ventures creating economic opportunity for all, especially inclusion of communities and entrepreneurs historically excluded from traditional funding models.
Today we are excited to announce our first two campaigns launching on Wefunder – Fuego Fino and Stackhouse, both women-led companies.
More about Fuego Fino, Inc. and Stackhouse
Fuego Fino, Inc is an eco-friendly wine and spirits company headed by local Tucson native Jessica Contreras.
“My goal has always been to give back to the community in which I was born and raised by providing jobs. We are in the process of rolling out the first phase of our expansion, which will include a distribution and marketing hub based in the Tucson area,” says Fuego Fino Founder Jessica Contreras.
Fuego Fino on WeFunder
Stackhouse is a real estate development company that seeks to make homeownership more accessible and downtown living more affordable regardless of the real estate market.
“After exploring multiple funding options, we chose WeFunder for the opportunity it provided the community to invest, and our platform will benefit Tucson by providing more affordable housing options. I feel like we’re at the forefront of a movement to expand entrepreneurship through innovative funding solutions like WeFunder and we’re excited to be a part of it.” Janelle Briggs, Founder and CEO of Stackhouse.
Stackhouse on WeFunder
“We’re excited to see that our first two Wefunder campaigns are both helmed by women founders, and it speaks to the need for alternative funding platforms to provide capital access to support more businesses owned by women.” Danny Knee, CEO, Community Investment Corporation
“Wefunder is a great platform for founders who might typically find it harder to raise capital from conventional funding sources. Last year, less than 3% of VC capital went to female-led companies. But it’s encouraging that the first two Wefunder campaigns launching in Tucson are led by women. Through our partnership with CIC, we’re hoping to fund more and more female founders, as well as entrepreneurs of color, in the Tucson community, over the coming months and years.” Jonny Price, Wefunder
“Ownership in a spirits business is typically limited to a handful of wealthy families passed on from generation-to-generation. We are offering the opportunity for Tucsonans to participate as OWNERS while helping to build the community,” says Jessica Contreras, Founder of Fuego Fino, Inc.
If you’re interested in investing in these businesses, check out their campaigns on Wefunder:
About CIC: Community Investment Corporation is a nonprofit economic development organization dedicated to the prosperity of Pima County and the surrounding area since 1996. Committed to expanding economic opportunities, CIC pursues three distinct program areas including support and financing for entrepreneurship/small business, home ownership and education. CIC’s goal is to promote economic inclusion for all members of southern Arizona, regardless of socioeconomic status. Specifically, CIC’s work ensures that more people in the community can get the funding they need to start, sustain, and grow their small businesses, can buy homes, and can access the education they want for their children. We fund YOUR dreams! CICTucson.org
“We are forever grateful to CIC for helping during these unprecedented times. Thanks to CIC we were able to pay all of our employees while waiting for PPP and EIDL loans to process. I’d like to send a special thank you to Brian from the Loan Team who was wonderful to work with and kept us updated through every step of the process” Felice Anderson, President
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”I’m really grateful for the loan and the part the loan played in helping me survive this pandemic. Not only survive, but thrive! We are not just a dance studio. We work really hard to support artists and marginalized people. Closing was not an option. I fought really hard to get the resources to stay open. We reopen June 1st and thanks to the assistance from CIC, we made it and we will be back….. better than ever!” Breanna Mirae, Owner Kinetic Arts Tucson
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“CIC came through with some funding which gave us some breathing room, and just knowing there were local people who were willing to help me get through this incredibly challenging time was a real validation.” Rick Rose, Founder and CEO, Film Creations, Ltd.
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“Emergency funding from CIC gave us a chance to breathe for just a moment and decide which direction we should go with 5 Points at the onset of the pandemic. The emergency loan ensured we could afford payroll and keep our staff insured while we formulated a plan to navigate this crisis and keep our community safe and healthy.” Brian Haskins, Owner 5 Points
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“As I remember beginning this process, I never have imagined the love and support I would get and feel by the end! Thank you all so much, for you lending hands and hearts. I will end up a Kiva Lender for sure. ” Ricky Pintor, Owner Just Churros
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During the COVID-19 closures, many Tucson business owners are using emergency funds for their businesses such as Paycheck Protection Program (PPP), EIDL, and more. Many of their employees are also receiving unemployment. Unfortunately, this puts business owners and their employees in a situation where their incentives are misaligned, making it more difficult to get back to normal.
One business owner shared — “My employees are receiving unemployment which is more than I was paying them previously. How do I go about getting them back so I can satisfy my Paycheck Protection Program loan?”
On Thursday, May 7, Aaron Eden, CIC Chief Innovation Officer, led an interactive session with local experts to discuss loan logistics, legal compliance and how to navigate employee retention during the COVID-19 Pandemic.
From upper left corner, clockwise:
Aaron Eden, Chief Innovation Officer at CIC; Ellen Kirton, Director Pima Community College Small Business Development Center; Tim Medcoff, Managing Partner, Farhang & Medcoff; Chris Galy, Chief People Officer, Couchbase
“Being a small nonprofit dedicated to performing arts and arts-integrated education is a risky venture. In four days, Odaiko Sonora lost every gig left this season. The timing couldn’t have been worse. All the programs I applied for were overwhelmed and unresponsive . . . until I found CIC. The care and professionalism, and most importantly the speed with which CIC staff were able to assist has restored my faith that Odiako Sonora will weather this storm.” Karen Falkenstrohm, Director Odaiko Sonoran Rhythm Industry
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The truly one-of-a-kind fund for BIPOC (black, indigenous people of color) is