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.

Decisions are made by a community-managed committee of BIPOC business owners and leaders. They meet monthly to approve 3-4 applications. Applicants will be notified promptly after decisions are made.

Applications are available in a digital form focused on storytelling. Text, audio or video submissions are welcome. This fund is revolving and does not close, as long as funding is available.

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 can be  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 classes:
  • The Profit and Loss Statement
  • The Balance Sheet

All classes are offered virtually 

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