Community Managed Loan Fund
APPLICATIONS ARE NOW OPEN!
INTERESTED IN THE BIPOC LOAN FUND?
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.
Once you’ve read through the program details and application process below if you have further questions don’t hesitate to reach out at email@example.com.
WHAT WE OFFER
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.
HOW DOES MY APPLICATION GET SCORED?
Here are important factors the BIPOC Loan Committee
will consider when reviewing your application:
- How and why did you start your business?
- Is your business successful? Profitable?
- What have you done to be successful?
- Will your business have a positive impact? For whom?
- How are you different (and better) from others in your industry?
- What problem does your business solve?
- Who is your typical customer?
- Do you understand your competition and why your product/service is a better solution?
- Why are people excited about/supportive of your product/service/business?
- How do you plan to use the loan funds?
- How will the loan enhance/transform/grow your business?
- How will this loan help increase revenue?
- Why the requested loan amount? How did you determine this amount?
- Have you explained how you will be able to afford the monthly repayment of the loan?
- Have you explained why your profits will be sufficient and come quickly enough?
- How is your business part of the community?
- Does your business have a commitment to solving a social or environmental problem?
- Does your business have a commitment to treating its employees well (benefits, pay, etc.?)
- How does your business support or give back to the community or local economy? What need is being met by your business?
- What do we need to know about you/your business that REALLY makes you stand out?
- Is there something we didn’t ask you that we should know about you/your business?
- Have you overcome any barriers in establishing your business?
- What will stay with us after we review your application?
Building a Solution
BIPOC LOAN FUND Committee
Ashley La Russa
Lesah Sesma Gay
Since January of 2021, the BIPOC CMLF Committee has been meeting monthly 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.
Thank you to our Inaugural Committee Members, Samuel Brown (Pima County Attorney’s Office), Marisol Aguirre (REA Consulting) and Terrell Henry (Creative Collabs).