BIPOC Community Managed Loan Fund
A new resource for BIPOC entrepreneurs and business owners.
Applications are expected to reopen Summer 2022.
If you are in need of immediate funding, please contact our loan department at lending@cictucson.org or 520-529-1766 x206 to discuss alternative options.

ABOUT THIS UNIQUE LOAN
We are shifting decision-making to the black, indigenous, people of color (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.
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 2020 and ongoing national tragedies and calls for racial equity and justice.
In partnership with BLAX Friday and Startup Tucson.
WHAT WE OFFER
- Loan amounts: $500 to $10,000
- Term: up to 5 years
- Interest Rates: 0%
- Loan Fees: $0
PROGRAM ELIGIBILITY
- At least 50% of business ownership must identify as BIPOC
- Business must be located in Southern Arizona
- Business can be in any stage including startups
- Completion of application online via video, audio or text, or paper application submitted
Building a Solution
Inagural 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. In partnership with BLAX Friday and Startup Tucson.

PROGRAM DETAILS
This program is designed to build community and connection. Different than other CIC loan products that offer rolling applications, there is a clearly defined timeline of deadlines and events that must be followed to receive funding.
Benefits of the Cohort approach include:
- Building Community and Connection
- Allows for a clear timeline for application, review, etc.
- Helps with program assessment and feedback
Storytelling is THE center of the application and approval process. While basic business information, demographics, and declarations will be included, business owners’ personal and professional stories will be what the committee will use to make funding decisions.
Benefits of this approach include:
- Reimagined capital access qualifications
- Eliminates review of credit, collateral and other traditional means for loan decisions that are based on wealth and disproportionally impact BIPOC Communities negatively
- Limiting arduous, time-consuming, and sometimes expensive requirements including opening a business bank account and registering business, unless approved for funding
Program Guidelines:
- Loan amounts: $500 to $10,000
- Term: up to 5 years
- Interest Rates: 0%
- Loan Fees: $0
Requirements:
- At least 50% of business ownership must identify as BIPOC
- Business must be located in Southern Arizona
- Business can be in any stage including startups
- Completion of application online via video, audio or text, or paper application submitted
*Also note: Loan funds must be used for business purposes. Business cannot be engaged in any of the following activities: multilevel marketing/direct sales, financial services, illegal activities
Once an applicant is approved for funding then the following will be required:
- Provide Information on, or Open a Business Bank Account
- Register Business with the Arizona Corporation Commission
- Either provide the following up-to-date business documents:
- Profit & Loss Statement
- Balance Sheet
- and/or complete the following CIC provided courses:
- The Profit and Loss Statement
- The Balance Sheet
- Unit Costing Exercise
Depending on the lifecycle of the business, it is understood that some of these elements may already be in place.
Once all required program elements are complete, loan recipients will sit down with the CIC Loan Team and a BIPOC CMLF Committee Member to review the following:
- Discuss business and aspirations as well as any insights they gained through the application process
- Review loan amount and terms and make sure it is in the best interest of the business
- Finalize loan and terms based on all available information
- Discuss interest in being an “alumni” mentor for future loan applicants
Application Process + Timeline
Applications Open
Applications Close
Funding Decisions Announced
Required Classes
Final Meeting
For more information
Once you’ve read through the program details and application process below if you have further questions don’t hesitate to reach out at lending@cictucson.org.
This project is made possible with the generous support of

