0% Interest Microloans up to $10,000 for all stages of business ownership including startups.

A new resource for Black, Indigenous, People of Color (BIPOC) entrepreneurs and business owners.

Applications were opened July 19- Aug. 20 at noon and are now closed.

We received 51 fully completed applications requesting $438,350 in loan funding.
Funding decisions will be announced on Sept. 28!

Info Session

Can’t attend the session above? 

Watch Info Session 1 to learn more.


Once you’ve read through the program details and application process below if you have further questions don’t hesitate to reach out. 


The program's why, what, and how below:

This loan fund rose out of a desire of Community Investment Corporation’s (CIC) staff wanting to take concrete and tangible action in the wake of recent and ongoing national tragedies and calls for racial equity and justice. In partnership with BLAX Friday and Startup Tucson, with funding from Tucson Electric PowerCox Communications and BBVA, and supported by Growth Partners Arizona and the Tucson Metro Chamber, CIC is shifting decision-making to the BIPOC community about where (geographically), to whom (communities of color underserved by financial institutions and systems), and under what circumstances (measures of risk) capital flows.

Defining the problem:

85% of Entrepreneurs ...

start businesses from savings and/or with support from family and friends.

White families' wealth is ...

10 times that of Black families,
5 times that of Latinx families

* (Indigenous families wealth has not been measured since 2000 but was lower than Black families at that time)

Estimated economic cost is ...

2.5+ trillion gross annual revenues
16.1 million jobs

0 %
Private Firms are Minority-Owned
0 %
Private Firms are Nonminority-Owned


0 %
Minority Population
0 %
Nonminority Population


Meet the Committee:

Since January of 2021 the BIPOC CMLF Committee has been meeting biweekly to reimagine lending, discuss barriers to capital access for BIPOC communities, and design a transparent process that meets entrepreneurs/business owners where they are with the goal of helping them take the next big step in their business growth. The committee discussed current lending practices, defined historic and current barriers for BIPOC entrepreneurs and business owners to capital access, and built an application and program process that aspires to eliminate barriers and welcome our BIPOC communities’ to tap into this funding resource.   

To offer 0% interest loan funding to BIPOC identifying entrepreneurs and business owner, bridging the capital access gap. This funding will come from an established revolving loan fund” housed and managed by CIC Revolving loan funds are self-replenishing pools of money, typically utilizing interest and principal payments from existing loans to fund new ones. Because the initial loans from this fund will be originated at zero interest, the fund will rely on financial and in-kind support from CIC. Funding for the inaugural BIPOC loan has been generated by CIC with all current staff making personal contributions. Corporate gifts have been generously provided by Tucson Electric Power, Cox Communications and BBVA. 

This loan fund has $100,000 and CIC is also actively fundraising to grow the pool of available funds.  After reaching the initial goal of raising $100,000 for distribution, sights are set on building the fund to $1,000,000 over the next three years. All repayment of loans will be reinvested in the fund – these funds may be loaned out with nominal interest in the future to help offset administrative costs of managing the fund. 

  • Design a transparent process that meets entrepreneurs/business owners where they and helps them bridge the gap to where they want to be through capital access, education, and resources. 
  • Focus on building community connections, expanding resources and knowledge around capital access to create systems change that concretely addresses gaps of traditional lending institutions in funding BIPOC entrepreneurs.
  • Create a customer/applicant journey that is comfortable, personal and relational with aspirations of a familial vibe.
  • Create a roadmap for entrepreneurs to move from this community loan product to additional capital access through traditional lending institutions.
  • Provide next-level service which is intentional, authentic, includes mentoring, and makes applicants feel like more than a number. 

Program Details: At least 50% of business ownership must identify as BIPOC.

Application Process and Timeline:

The first 50 business owners who complete the application process will receive a $100 stipend
for their time, energy, and effort.

Monday, July 19, 2021
Tuesday, August 20, 2021
Tuesday, September 28, 2021
Wednesday, September 29, 2021
Wednesday, October 6, 2021
October 2021
Applications Open
Offered in paper and digital form focused on storytelling. Text, audio or video submissions welcome.
Applications Close
By NOON applications must be completed and submitted online, via email, or dropped at the CIC offices.
Funding Decisions Announced
All applicants will be informed on or before this date of loan decisions including funding details and feedback.
Required "The Profit and Loss Statement" Class
CIC educational course required for all funding recipients.
Required "The Balance Sheet" Class
CIC educational course required for all funding recipients.
Final Meetings with Each Business
Final meetings with each business receiving a loan to complete the process.

Questions? Call 520-529-1766 or email Caroline@cictucson.org or Jennie@cictucson.org

Join us as a supporter of the BIPOC CMLF and make a donation today.

This project is made possible with the generous support of the following: