Our Partners at Startup Tucson Win Stage Two of the U.S Small Business Admin’s 2024 Growth Accelerator Fund

Our Partners at Startup Tucson Win Stage Two of the U.S Small Business Admin’s 2024 Growth Accelerator Fund

Our org BFF  Startup Tucson just WON Stage Two of the U.S. Small Business Admin’s 2024 Growth Accelerator Fund Competition! 

This victory, in collaboration with the University of Arizona Center for Innovation and other partners, is all about boosting Southern Arizona’s AgTech & Food Ecosystem through the groundbreaking FEAST Food, Entrepreneurship, Agriculture, Science, and Technology)  initiative!

CIC is proud to be part of this effort, providing alternative financing and financial literacy programs to fuel this vibrant ecosystem. 

Together, we’re fostering equitable access to entrepreneurship and supporting the next generation of Southern Arizona’s innovators.

For the full press release click here

Round Table Discussion with Governor Katie Hobbs in Southern Arizona

We’re so thankful to have had a seat at Governor Katie Hobbs Round Table on September 26, 2024, hosted at Startup Tucson.

Southern Arizona’s small business ecosystem partners shared with the Governor the collaboration and innovation that we are doing individually and collectively implementing to increase access to capital and ensure the likelihood of entrepreneurial success.

The Governor listened and asked how the State could continue to support our work – even beyond the AOEO and SSBCI funding that is supporting small business lending in Southern Arizona now.

Thanks to the Governor’s Southern Arizona office including Marisol Flores-Aguirre and Nathalia Untiveros as well as the Governor’s policy aide, Ian O’Grady.

Partners that attended the discussion were Tucson Industrial Development Authority, YWCA Southern Arizona , City of Tucson and Startup Tucson.

Photos from Startup Tucson
 

CIC Wins Copper Cactus for the 5th year in a row!

At the 2024 Copper Cactus Awards presented by Tucson Metro Chamber, we’re thankful to have won the Innovation in IT Solutions award. This recognition celebrates our revenue-based finance program, Success Through Alternative Capital (STAC), which empowers un-bankable entrepreneurs with access to fairly priced loans that help their businesses grow. By de-emphasizing collateral and credit in the underwriting process, STAC addresses wealth disparities often linked to race, ethnicity, gender, and geography, fostering an inclusive economy where everyone can pursue their entrepreneurial dreams. A special thanks to our partners, Startup Tucson and Common Future, for their vital role in making this work possible.
 
We are honored to have been in this category alongside US Air Tech, Health Information Management Systems, and Hughes Federal Credit Union—businesses whose innovative work also drives meaningful change in our community. Together, these organizations represent the power of collaboration and the collective impact we have on building a thriving, inclusive ecosystem.
Click here for the full list of awardee's

KVOA interviews Director of Homeownership, Patty Gonzalez

Watch The Full Video Here

Pima IDA Extends Assistance for First-Time Homebuyers

PIMA COUNTY, Sept. 11, 2024 – The Pima County Industrial Development Authority (Pima IDA) has launched another offering of the highly successful PimaTucson LIGHTHOUSE program, an initiative designed to assist first-time homebuyers.

With another commitment of $25 million of bonds, LIGHTHOUSE 6.0 offers a below-market fixed-rate mortgage that also comes with substantial down payment assistance equal to 4% of the loan amount.

This collaborative program between the Pima IDA and the lenders is a direct response to a housing market that has become increasingly less affordable for homebuyers. The median single family home price in Pima County has increased over 50% since the end of 2019, from $252,750 to $394,700. In that time, federal interest rates, which mortgage interest rates are tied to, rose from 2.5% to as high as 8.5%. These two economic factors have made it much harder for the average Pima County resident to buy a home.

The Pima IDA and Pima County Board of Supervisors have risen to this challenge by establishing a bond-funded down payment assistance program that locks in a fixed low-interest mortgage rate. On Sept. 10, the interest rate on LIGHTHOUSE 6.0 loans was locked in at 5.84% on a 30-year mortgage.

“I’m very thankful for the Pima County Industrial Development Authority and its leadership in continuing this program and helping hundreds of first-time homebuyers secure the funding they need at affordable rates,” said Adelita Grijalva, Chair of the Pima County Board of Supervisors.

LIGHTHOUSE 6.0 also includes a distinctive feature where first-time homebuyers will receive 4% of the total mortgage amount up-front for down payment or closing-cost assistance. If the homebuyers stay in their home for five years, the loan for that assistance is fully forgiven.

On average, this 4% assistance equates to approximately $15,000, and considering that almost 40% of potential homebuyers say the lack of a down payment is preventing them from moving into a home, the LIGHTHOUSE 6.0 program is addressing the biggest obstacle facing first-time homebuyers. Importantly, the interest rate remains unaffected even if the Federal Reserve chooses to increase interest rates, offering homebuyers a sense of security.

“We’re thrilled to re-launch the sixth iteration of the Lighthouse Program, which has been a beacon of opportunity for aspiring homeowners,” said Pima IDA President Diane Quihuis.

“Pima IDA has prioritized innovative solutions in a market full of uncertainty, ensuring our community can access homeownership. This program has helped fund approximately $150 million back into our community throughout 2023 and 2024, showcasing our commitment to creating access and fostering stability in our neighborhoods. Together, these initiatives are ensuring more individuals and families can secure a place to call home and develop intergenerational wealth.”

The LIGHTHOUSE program assists about 90 homebuyers per round of funding. No state, local or State of Arizona Housing Trust Fund monies are used in the LIGHTHOUSE programs.

Given the anticipated first-come, first served demand for LIGHTHOUSE 6.0, it is expected that the funds will be fully allocated before the end of September 2024. Lenders interested in offering the program can obtain detailed information at pimatucsonlighthouse.com.

BizTucson features CIC, Groundswell Capital and the Microbusiness Loan Program.

BizTucson feature
BizTucson feature

Community Investment Corporation, Groundswell Capital Offer New Funding for Small Businesses

BizTucson, August 22, 2024

“Community Investment Corporation, one of Southern Arizona’s pioneering alternative lenders, has announced its continued commitment to fostering economic growth and supporting small businesses through a new partnership with Groundswell Capital, Arizona’s first green bank.”

Read the full article here

2024 Moonshot Pitch Competitions in Arizona: CIC Celebrates Local Entrepreneurs and Innovation

The 2024 Moonshot Pitch Competitions in Arizona have been a remarkable journey for aspiring entrepreneurs across the state. This year, the competition spanned 16 communities, offering a platform for local businesses to showcase their innovative ideas and compete for significant prizes, including cash awards and scholarships to become Moonshot members.

Community Investment Corporation (CIC) was proud to sponsor the Moonshot Pitch Competitions across all participating counties in Arizona. CIC’s commitment to supporting local entrepreneurship was evident as a member of our staff was present at every event throughout the year. Their presence not only provided logistical support but also reinforced CIC’s dedication to fostering economic growth and innovation within the community. Brandi, Rural Lending Manager at CIC, had the unique opportunity to serve as a judge at most of the competitions. Her experience was both enriching and inspiring as she engaged with local businesses throughout the state. Brandi was impressed by the diverse range of ideas and the passion each entrepreneur brought to the table. Meeting with these innovative minds provided her with insights into the vibrant entrepreneurial ecosystem present in Arizona as well as understand what types of financial products small business need.

We extend our heartfelt congratulations to all the businesses that participated in the 2024 Moonshot Pitch Competitions. The competitions have been a testament to the entrepreneurial talent throughout Arizona. CIC is honored to have been a part of this journey, supporting local businesses and celebrating their achievements. For more information about the competitions and future events, visit the Moonshot website.

Highlights from the Arizona Rural Policy Forum | Empowering Small Businesses and Community Partnerships

Pictures of Brandi and Caroline at the AZ Rural Policy Forum
Pictures of Brandi and Caroline at the AZ Rural Policy Forum

A Memorable Experience at the Arizona Rural Policy Forum

We would like to extend our heartfelt gratitude to Local First Arizona and the towns of Clarkdale and Cottonwood for hosting this year’s Rural Policy Forum. Our time at the forum was truly exceptional, providing an invaluable platform for connection and collaboration.

Day 1: Exploring the Verde Valley

The forum kicked off with an engaging economic development tour through Clarkdale and Cottonwood. We had the pleasure of visiting several remarkable sites, including the Verde Canyon Railroad, Tuzigoot National Monument, and the Verde River. Additionally, we explored the Southwest Wine Center at Yavapai College, where we learned about their vineyard-to-bottle program, and enjoyed the offerings at Blazin M Ranch and Merkin Vineyards Hilltop Winery & Trattoria. The day concluded with an inspiring kickoff event at the Arizona Copper Art Museum.

Day 2: Educational Sessions and Key Announcements

The second day of the forum was held at the Clark Memorial Clubhouse in Clarkdale, featuring a full schedule of educational sessions.

A significant highlight was the lunch address by Governor Katie Hobbs, who announced the new Microbusiness Loan Initiative. Following lunch, she invited participants in the microloan program to join her for a listening session, where Caroline Nelson represented CIC. This session fostered meaningful dialogue with small business owners, addressing their questions and encouraging collaboration. The day wrapped up with a delightful group dinner at Merkin Vineyards Hilltop Winery & Trattoria, where participants had the chance to network and share insights.

Day 3: Continued Learning and Community Engagement

The final day consisted of more educational sessions, with Caroline and Brandi meeting with program participants to discuss our loan offerings. Their engagement reinforced our commitment to supporting local businesses and strengthening community partnerships.

Looking Ahead

Overall, the Arizona Rural Policy Forum was a resounding success, enabling us to connect with small businesses and explore the vibrant communities of Clarkdale, Cottonwood, and the Verde Valley. We were thrilled to meet the Mayors of Clarkdale and Cottonwood and participate in inspiring workshops focused on rural economic development. We extend our sincere thanks to Local First Arizona for their unwavering commitment to strengthening our communities. Their efforts in organizing impactful events and supporting local businesses are invaluable. As we look ahead, we are excited about our journey with Groundswell Capital and remain dedicated to making a positive impact in our communities. This version enhances the flow by organizing the content into clear sections and ensuring a logical progression of ideas.

Office of Economic Opportunity and Governor Katie Hobbs Launch Microbusiness Loan Program and include CIC

Computer with article from Governor Katie Hobbs office
Computer with article from Governor Katie Hobbs office

Arizona Launches Microbusiness Loan Program to Facilitate Economic Development and Job Creation Throughout State

News Release- August 8, 2024

Businesses with five or fewer employees can access loans through State Partner Community Development Financial Institutions or Community Non-Profit Lending Organizations

Phoenix, AZ – Today, Governor Katie Hobbs, in partnership with the Arizona Office of Economic Opportunity (OEO), launched the Arizona Microbusiness Loan Program to foster economic development and job creation in communities throughout Arizona. The Arizona Legislature established the program last year to provide $5,000,000 in loan funding to Arizona-based microbusinesses, which are businesses with five or fewer employees. Through the program, each qualifying borrower can receive up to $50,000 in loans by applying through a network of experienced small business lending partner organizations.

“Small businesses are the backbone of Arizona’s economy,” said Governor Katie Hobbs. “My administration is focused on building an economy that works for everyone, and this program gives our smallest businesses, our microbusinesses, the opportunity to grow and thrive. By investing in these microbusinesses, we are putting money directly in Arizonans’ pockets, creating quality jobs, and strengthening local communities.””

Click Here to Read the Full Article

New state program backing $5M in loans to Arizona microbusinesses

New state program backing $5M in loans to Arizona microbusinesses

By David Wichner, AZ Daily Star Reporter

“Arizona is launching its new microbusiness loan program through community lenders statewide, including the Tucson-based Community Investment Corp. and Groundswell Capital for Southern Arizona.

The program was established by the Legislature last year to provide $5 million statewide for loans of up to $50,000 through community lending agencies to independently owned Arizona businesses with five or fewer employees.

Gov. Katie Hobbs and the Arizona Office of Economic Opportunity on Thursday launched the Arizona Microbusiness Loan Program with five selected nonprofit microbusiness lending programs and a nonprofit community group.

CIC and Groundswell were chosen to handle the program in Cochise, Graham, Greenlee, Pima and Santa Cruz counties.”

Read The Full Article Here