Announcements Archives • CIC Tucson

BIPOC Community Managed Loan Fund Celebrates Two Years of Impact and Expands Partnerships with Growth Partners Arizona and Startup Tucson

Two years after launching an innovative loan fund in collaboration with leaders of color in the Tucson business community, Community Investment Corporation (CIC) and the BIPOC (Black, Indigenous, and People of Color) Community Managed Loan Fund are celebrating their 50th no-interest loan. The fund, which focuses on improving capital access to entrepreneurs of color, has made over $400,000 in loans to date across Southern Arizona.

The celebration also marks an expansion of two key partnerships with local nonprofit organizations, Growth Partners Arizona and Startup Tucson. For its part, Startup Tucson is creating the first paid position for what has, to date, been an all-volunteer management committee, while Growth Partners Arizona will be expanding the fund’s lending footprint in 2024 to central and northern Arizona through a $250,000 grant from Wells Fargo. The expansion will include targeted outreach to rural BIPOC entrepreneurs.

Growth Partners Arizona, a certified Community Development Financial Institution, recently invested $100,000 in the BIPOC Loan Fund to serve southern Arizona and have now committed another $250,000 to expand the fund’s lending footprint to the entire state. The $250,000 comes from a grant from Wells Fargo and supports the bank’s work to accelerate the growth of underserved small businesses across the country through investments that increase access to capital, expand entrepreneurial networks, and provide access to knowledge through technical assistance and capacity building resources.

This investment is a part of our larger focus to expand innovative lending programs throughout the state of Arizona. Thanks to the funding from our partners at Wells Fargo we will be able to start the new year off making a significant investment within our rural communities. As we look ahead to the future we are excited to continue to build towards a more inclusive economy.

Startup Tucson, a Tucson-based nonprofit organization whose mission is to revolutionize the Southern Arizona region’s economy through entrepreneurship and innovation, is committing part of the time of their Director of Entrepreneur Success and Access to Capital, Keneshia Raymond, to helping expand the fund’s impact. Raymond is a founding committee member of the BIPOC Community Managed Loan Fund and will become the BIPOC Loan Fund’s first funded staff person.

Raymond will play a pivotal role in spearheading this initiative and expanding its reach, resources, and impact. Raymond will collaborate closely with CIC to develop comprehensive strategies, promote awareness, secure funding, and provide strong leadership to ensure the BIPOC Loan Fund’s continued growth and sustainability.

Startup Tucson recognizes the pressing need within the community for equitable and accessible access to capital for BIPOC business owners. “At Startup Tucson we champion the BIPOC Loan Fund and wholeheartedly support its mission to empower underrepresented entrepreneurs and foster a more inclusive and vibrant entrepreneurial ecosystem.” said Raymond. Raymond background includes 14 years as an entrepreneur and business coach who, in addition to her duties at Startup Tucson, runs her own online company, has raised over $8 million of investment for small businesses, and successfully exited a previous business.

“Keneshia’s experience as an entrepreneur and her leadership within the BIPOC Community Managed Loan Fund has been truly exceptional,” said CIC’s Executive Director, Danny Knee. “She is forward-thinking with a vision to activate the sidelined economic power of underrepresented entrepreneurs within our community whose businesses have suffered from underinvestment.”

The BIPOC Community Managed Loan Fund is an example of character-based lending, an underwriting approach through which a borrower’s personal qualities, community reputation, and other factors beyond credit scores and collateral are given greater emphasis. Its volunteer committee of BIPOC community leaders has complete authority over the loan fund including defining the application process and underwriting criteria to assess loan viability. In the loan product design phase, the committee identified specific obstacles to capital access for BIPOC communities which included distrust of the traditional financial institutions, overly complicated application processes, and banking’s over-reliance on collateral and credit scores to make loan approval determinations. A low-barrier application allows business owners to apply via video or audio as well as in writing.

“One of the largest challenges for entrepreneurs, especially BIPOC entrepreneurs, in our region is access to capital,” said said Liz Pocock, CEO, Startup Tucson. “The trailblazing work of CIC and the BIPOC Loan Fund strengthens our economy, and we couldn’t be prouder to call them a partner and support the future longevity of the Fund and its mission.”

As the BIPOC Community Managed Loan Fund continues to pave the way for a more inclusive and equitable business landscape, this partnership with Startup Tucson reinforces the collective commitment to driving positive change and advancing economic empowerment in Southern Arizona. On Friday, September 15th, CIC and Startup Tucson will be hosting a 2 year Celebration of the BIPOC Loan Fund Celebration at Hotel McCoy from 5:30pm-7:30pm. Festivities will include acknowledging the programs’ milestones and partnerships, amplifying the talent and hard work of program participants, and connecting within our community.

For more information about the BIPOC Community Managed Loan Fund and its partnership with Startup Tucson and Growth Partners Arizona, please visit the program website, here.

About CIC: Community Investment Corporation (CIC) is a financial empowerment nonprofit. We give the members of our community, who are shut out of and left behind in our economy, access to the knowledge and financing they need to pursue new opportunities. CIC unlocks the door to prosperity for all members of our community to meaningfully participate in our powerful but imperfect capitalist economic system and reclaim the American Dream. At CIC, WE KNOW YOUR WORTH. The system may not recognize your value, but we do. Learn more about our loan, homeownership, and school bond compliance programs at CICTucson.org.

About Startup Tucson: Startup Tucson is a 501(c)(3) nonprofit working to transform our region’s economy through entrepreneurship and innovation. Startup Tucson executes this mission by providing education and culture-building programs and events to grow a high-impact entrepreneurial and innovative ecosystem. You can find information about the organization and upcoming opportunities to engage at startuptucson.com.

About Growth Partners Arizona: About Growth Partners Arizona Growth Partners Arizona is the largest Black-led Arizona-based CDFI that provides affordable, responsible financial products to local underserved communities. As a trusted intermediary between the public and private sectors, Growth Partner Arizona aims to achieve economic justice through forward thinking, collaborative, and inclusive approaches to capital access in Arizona. We are committed to building a more inclusive economy that works for everyone. For more information visit: growthpartnersaz.org.

$100K investment to help Southern Arizona entrepreneurs of color

Thank you, Growth Partners Arizona for your %100,000 investment in the BIPOC Community Managed Loan Fund

A $100,000 investment has been made to support at least 10 Southern Arizona small business entrepreneurs who are Black, Indigenous or people of color.

The investment from the Tucson-based Growth Partners Arizona will be available through the Community Investment Corporation’s BIPOC Community Managed Loan Fund.

The no-interest microloans of up to $10,000 are awarded under a character-based lending model, in which a borrower’s personal qualities, community reputation and other factors that go beyond credit scores and collateral are given greater emphasis, a news release said.

The loan fund is two years old, and its volunteer committee of community leaders has the decision-making authority for the loan funding, defining the application process and the criteria used.

Obstacles to capital access for communities of color include distrust of traditional financial institutions, overly complicated application processes, and banking’s over-reliance on collateral and credit scores to make loan approval determinations, the committee found.

Instead, a low-barrier application allows business owners to apply via video, audio or in writing. Only after being approved for a loan are entrepreneurs required to provide financial and business documentation, the news release said.

Over the past two years, the committee has approved more than 50 no-interest microloans in Southern Arizona, totaling nearly $400,000 in funding.

“I think some traditional lenders might be skeptical of our underwriting process,” said CIC Executive Director Danny Knee, “but the performance of our loan portfolio shows that we are on to something with our trust-based approach.”

Growth Partners Arizona, a Community Development Financial Institution, is planning to expand the fund’s community-managed approach statewide, the news release said.

“Investing in the fund is not only important to the community but resonates with me personally,” said Growth Partners Arizona CEO Andre Whittington. “I have witnessed family members and friends lose their businesses due to limited or nonexistent funding opportunities. Through this partnership we are providing real solutions and establishing inclusive financial pathways for BIPOC business owners to secure the capital needed to scale their businesses.”

For more information about the BIPOC Community Managed Loan Fund, visit tucne.ws/1kzm.

Read the original article on Tucson.com.

apida-owned business bipoc black-owned business entrepreneur hispanic-owned business indigenous-owned business small business

Funds Available for Small Businesses to Go ‘Green’

by Kimber Lanning, Andre Whittington, and Danny Knee

As our country prepares to spend billions of dollars in new funding on environmental efforts, America is sitting on a gold mine in the fight against climate change, and we need to do something about it.

The opportunity lies with small businesses.

Many small-business owners want to be more environmentally friendly — and all are interested in saving money. Implementing simple changes like LED lights to large projects like installing solar panels can make a big difference to both our planet and businesses’ bottom lines.

The size of the opportunity is huge.

In Arizona, nearly 600,000 companies have fewer than 20 employees; nationwide, it’s more than 26 million. That’s 98% of all U.S. firms.

Barriers to Small Businesses Going ‘Green’

But small-business owners are stretched thin.

They often juggle everything from marketing to purchasing to accounting, duties that corporations have whole teams to handle. Adding “Chief Sustainability Officer” to a small-business owner’s “to-do” list can seem daunting.

Another challenge is the capital to carry out “green” projects.

Rarely do small businesses have a few hundred or thousand dollars to spare for sustainability upgrades, even when the investment will save them as much or more money in the long run.

The new environmental tax incentives offered by the Inflation Reduction Act alone may recover the cost of some projects.

And yet, big banks will laugh a small business out the door for seeking a modest loan “just” to conserve water and energy or require burdensome hoops for the business to jump through.

Boot Camp Helps Businesses Create Plan to Save

Thankfully, there is a solution.

Local First Arizona’s Green Business Boot Camp has helped hundreds of local business owners cut their water, energy, waste and transportation usage by 20% or more with simple adjustments, often leading to thousands of dollars in savings.

For example, Green Business Boot Camp graduate Pines Inn & Suites in Cottonwood is installing motion-sensor thermostats to keep air-conditioning costs down when rooms are vacant.

Phoenix restaurant Duck & Decanter is conserving major amounts of water by putting in low-flow toilets and upgraded kitchen equipment.

And Tucson dessert shop Frozen Delight has turned to recyclable packaging.

Affordable Loans to Finance the ‘Green’ Transition

In addition to education and support from the boot camp, our Green Business Micro-Loans provide the financial runway for small businesses to afford these changes.

With these loans, boot camp graduates in six Arizona counties can get help paying for sustainability improvements at low-interest rates through a short application process.

In Maricopa and Yavapai counties, the newly launched Green Loan Fund, made possible by Growth Partners Arizona and Vitalyst Health Foundation, provides loans to eligible local businesses up to $10,000 at 3% interest, which businesses pay back entirely with savings generated by their sustainability projects, so their cash flow is uninterrupted.

In Pima County, the Green Community Fund, created in partnership with Community Investment Corporation, provides up to $15,000 at 0–5% interest.

And in Graham, Greenlee and Cochise counties, small businesses can receive loans up to $25,000 at 7% interest through Community Investment Corporation for “green” as well as other projects.

More Funding Needed for Small Businesses to Meet Climate Goals

One of the best things about these micro-loans is how easy they are to obtain.

Whereas traditional banks may require years of financial statements, credit scores and collateral to extend credit, these funds rely on “character-based” lending.

A free energy and water audit conducted by Local First plus an explanation of how the money will be used, the anticipated savings and the local business’ support in the community is all that is asked.

Kevin Ticer, owner of Custom Upholstery Services in Safford, said applying was a snap. “It was easy to go through the micro-loan process,” he said. “After a couple of meetings with the loan committee, I was approved and able to invest in the equipment and remodeling that I needed.”

But loan programs like these need more funding to fully power the shifts small businesses must make in the coming years.

If we don’t invest to help local entrepreneurs become more sustainable, it will cost us all eventually.

Recognizing the motherlode that small businesses hold to achieve progress toward climate goals is the first step for our society. Obtaining more funding — whether from government, private foundations or donors — is our next responsibility.

Kimber Lanning is the CEO of Local First Arizona. Andre Whittington is the executive director of Growth Partners Arizona. Danny Knee is the executive director of Community Investment Corporation.

entrepreneur green fund low interest micro loan small business sustainability upgrades

Yolanda McCarty Retires

After 15 wonderful years, Yolie is ready for a new adventure!

Community Investment Corporation (CIC) is emotionally conflicted to announce that Yolanda McCarty will be retiring this year. Yolie has become a cornerstone of CIC with her infectious positivity and people-first approach.

We are so excited for Yolie to take on this is and exciting chapter of her life but sad she won’t light up our work days anymore. Below are a few fond memories from our staff who’ve worked with Yolie through the years.

Carla Wallace | Director of Bond Compliance

It has been an honor to work alongside Yolie at CIC and for many years prior when I was a Trustee.

Yolie embodies CIC’s mission and values. Bond Compliance was Yolie’s second career. She came to CIC having already spent a career making a difference in the community and undoubtedly leaving a lasting impression on customers and co-workers alike. While leading Bond Compliance Yolie’s ability to meet people where they are was on full display. She patiently provided education, clarification, and gentle guidance to our clients.

Of course, occasionally reminders would have to become a bit more forceful, and she was affectionately nicknamed ‘The Hispanic Hammer.’ Our clients knew they’d better get the docs in asap! She is a master collaborator, always goes the extra mile, and knows the ins and outs of every single compliance requirement.

But Yolie’s best qualities are her personality and the passion she has for the work we do and the clients we assist. The relationships she has formed, her delight when touring schools and meeting students, and her commitment to making compliance seamless and as easy as possible have not gone unnoticed and will be missed.

My favorite story about Yolie happened when I was a Trustee. A mutual Charter School client had experienced some major changes and was facing some financial challenges. A new Principal had been hired and he was inheriting a mess. When he accepted the meeting with two CIC folks and two Trustee folks he was terrified. We all showed up and explained that we were all on his team, wanted nothing more than for the school to succeed, answered all his questions, educated him on the compliance obligations and process, and most importantly treated him to lunch. He left that meeting feeling hopeful, supported, and reassured. We are all friends to this day and yes, he turned that school into an incredible success.

I have treasured my time working with Yolie and wish her happiness and success in all her new endeavors.

Heather Moreno | Program Support Associate

The first time I met Yolie, it was at a CIC Happy Hour where we had only infrequent interactions remotely due to the pandemic. She walked up, introduced herself and gave me a biggest, warmest hug. If there were any awkwardness due to only working alongside one another virtually, she did away with it immediately with a comfortability that radiates from her.

From the stories I’ve heard from before my time with CIC, she has always been this way. Good-natured, bright, witty, and always remembers to take a photo for posterity – and those are the thoughts that just come to mind when she blesses you with a conversation. In getting to know her, I’ve tried to be funnier, because she’s sharp as a whip and it’s hard to keep up. On our last school visit, she got me to laugh so hard, I snorted in the car.

She has gotten me to mellow out and enjoy life more, since she knows how to relax and take things in stride. While I would be pulling out my hair, she easily conquers what’s in front of her and with her hair looking immaculate. Genuinely, she’s given me a whole new perspective on my own way of treating others, as there is a unique kindness that emanates when you’re in her presence. You can’t help but smile, laugh, and feel joyful. Why be somber when you can be a Yolie, you know?

I’ve always said that it’s Yolie’s world, and we’re just living in it. It’s less of a joke and more of a reality because the fact is there is truly only one Yolanda McCarty. The whole world is privileged to have her, and fortunately will get even more time as she’s off on her newest adventure, enriching the lives of everyone lucky enough to be welcomed into her orbit. I just hope she remembers to take enough photos to share.

Danny Knee | Executive Director

Yolie is the inspiration for why CIC operates the way it does. Her commitment to both our work and to her family are the foundation for the values we hold.

CIC would not be the place of kindness and compassion and elite performance without the example she set in my early days as Director. We all owe her a tremendous debt of gratitude, and I hope all of our blossoming young leaders will remember years from now when they are running the world that her shoulders are among the ones on which they will be standing.

Malisa Evans | Program Manager

Yoli is the coolest person that I have ever met! She approaches her work and life with such a positive attitude that it is contagious to all those around her. She is not afraid to be herself and say what she is thinking. She makes everyone feel special with a simple hello, birthday lunch or asking to take a selfie with her. I love all of this about her! I will treasure the time we have had working together and look forward to bumping into her at the next horse race, happy hour, or Tucson event. Thank you Yoli for all that you have done for CIC, our community and me!

Thank you for all of the fabulous years, Yolie! We will miss you!

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Regal Fierce Media Wins BBB Award

Regal Fierce Media team at the 2023 Better Business Bureau Torch Awards

Regal Fierce Media Wins Spark Award from the Better Business Bureau Serving Southern Arizona

Community Investment Corporation (CIC) is thrilled to announce and celebrate the extraordinary success of Regal Fierce Media as the recipient of the Spark Award from the Better Business Bureau Serving Southern Arizona! The Spark Award recognizes businesses who embody Character, Culture, and Community in their work. Earning this achievement serves as a testament to Regal Fierce Media’s unwavering commitment to providing excellent service to Tucson businesses.

“Being the 2023 Winners of the Spark Award makes us feel empowered! For us to be recognized as millennial entrepreneurs for our dedication, passion, and creativity to our clients fuels our souls,” said CEO of Regal Fierce Media, Katrina Calderon.

Regal Fierce Media is a Tucson-based media company and advertising agency that Calderon founded in 2019. CIC was able to support Regal Fierce Media through the BIPOC Community Managed Loan Fund.

“CIC’s BIPOC loan played a huge part in our growth,” said Calderon. “They [CIC] helped us with funding when no other bank would. Not only did they look at our financials, but they let us tell our story. We are here today because CIC believed in our vision. With their loan, we upgraded our equipment and reached higher-level clients, leading to our business’s continued growth.”

Calderon’s commitment to giving back to the Tucson community began in her youth. While working at Youth On Their Own (YOTO), Calderon learned how the nonprofit worked to provide dignity and resources to Tucson’s underserved adolescent population. It was this experience that inspired Calderon to use her skills to give back to the community.

It’s no surprise Regal Fierce Media is being recognized for their character. “They are talented and driven, but as importantly, they work with incredible integrity and kindness – qualities too often undervalued in the competitive landscape of business,” said CIC Executive Director Danny Knee.

Receiving the 2023 Spark Award is a full circle moment for Regal Fierce Media. “Last year, when we were event photographers for the BBB Torch Awards, we told ourselves that we would be up there accepting an award one day,” said Calderon. “And here we are, walking the stage as the 2023 Spark Award winners.”

Learn more about Regal Fierce Media and book them for your advertising and media needs at regalfiercemedia.com

Essential Workers Housing Fund Wins National Award

National Association of Local Housing Finance Agencies honors Essential Workers Housing Fund with Presitigous Award of Single-Family Excellence

Community Investment Corporation (CIC) is thrilled that the Essential Workers Housing Fund, in collaboration with the Tucson Industrial Development Authority, has been honored with the prestigious Award of Single-Family Excellence by the National Association of Local Housing Finance Agencies (NALHFA).

This recognition not only celebrates the remarkable impact the EWHF has had in providing affordable housing solutions for essential workers but also acknowledges the vital partnership with the Pima County Industrial Development Authority and Tucson Industrial Development Authority.

The Single-Family Excellence award recognizes innovative and creative achievement in single-family projects and programs, focused on low-income households. The Essential Workers Housing Fund was established with the sole purpose of addressing the critical housing needs of individuals whose work is critical for day-to-day life, but are often undervalued and underpaid. The Essential Workers Housing Fund empowered them with affordable homeownership opportunities, and helping them build a foundation for generational wealth.

Director of Housing Programs, Patty Gonzalez, joined Michael Slania and Dre Thompson in Tampa, Florida in May to accept this award.

This partnership has been instrumental in leveraging resources, expertise, and financing opportunities to make the most impact to our community. Working together, we successfully distributed funds tailored to the needs of essential workers, making the dream of homeownership a reality for our deserving and hard-working neighbors.

award essential workers homeownership housing

MySchoolsTucson Featured in Local News

MySchoolsTucson Has Launched and Needs Your Feedback!

TUCSON, Ariz. (13 News) – Finding the perfect school for your little one just got a lot easier thanks to a local nonprofit.

Tucson-based Community Investment Corporation launched a new website called, MySchoolsTucson.org, to provide resources and unbiased information to Pima County families about local schools.

The development of the website is CIC’s response to a 2022 survey it conducted of more than 1,100 K-12 Arizona parents. The survey showed that parents feel overwhelmed when choosing a school and don’t have a place where they can go to get unbiased information.

“Educational landscape in Arizona is much different than it was 10 to 20 years ago,” said Scott Evans, Director of Family and School Engagement.

Families with lower incomes have less access to school information. The way they interact with schools and their administrations is much different than wealthier parents of K-12 students.

The sheer number of schools alone in Pima County can be overwhelming. There are more than 350 schools in the county alone.

“A lot more options but with the more options comes a more difficult time filtering through the information, and really understanding what would be a great fit for their children,” said Evans.

The program aims to ensure that all Tucson families have the tools and support they need to engage and make informed decisions about their child’s education.

“Performance data from the state of Arizona will be listed there. Extracurriculars academic offerings will be there, special program supports, after school programs, whether there’s preschool on site,” said Evans.

Through surveys and support groups, the nonprofit learned parents needed an unbiased source they could trust.

“The schools do a great job at promoting their schools but things were overwhelming, there was too much information out there and it was taking a lot of time. Very much time taxed,” said Evans. “We wanted to solve that problem and simplify the process and come up with a place where parents can find everything they’re looking for in one place. Sort of a one-stop shop for families.”

As the population in Pima County grows, leaders at CIC believe this will benefit families who have another way to learn about district schools. Through their website, you can find information on district public schools, public charter schools, and private schools.

“With so many choices and so many options, it becomes a real challenge for people who are new here. Just moved into the state, maybe they work at the base, refugee families, immigrant families that are really brand new to the educational landscape,” said Evans. “Even brand new young families entering kindergarten for the first time. It’s a really difficult thing to do to filter through, so this site will certainly help those families understand both the educational landscape, and see what schools may be available to them. To see what opportunities lie in the walls of those schools, how the system works, deadlines, enrollment timelines, and support navigating that system.”

For the next 90 days, you can help CIC by providing feedback on their site. There you can find surveys regarding the content provided and how easy it was for you to find information.

There’s also a place where you can make requests for more information that was not provided.

This article was originally published on KOLD.com

CIC Launches MySchoolsTucson.org

MySchoolsTucson Powered by CIC. Explore. Discover. Thrive. All school types for all Tucson families. All in one place.

Local Nonprofit launches School Locator and Educational Resource MySchoolsTucson.org. Needs feedback from the community.

Community Investment Corporation developed and launched an online platform to provide parents with a valuable free digital research tool and ‘one-stop-shop’ with information on every school in Pima County.

April 5, 2023 (Tucson, Arizona) – Tucson families who are exploring the K-12 educational landscape are getting some help from a local nonprofit. Tucson-based Community Investment Corporation (CIC) has launched MySchoolsTucson.org, a family-focused online school locator that includes educational resources focused on Tucson and Pima County. This mobile-friendly website offers families a simple, understandable opportunity to find unbiased information about ALL Tucson and Pima County schools. The approach of MySchoolsTucson.org is to be a centralized “online one-stop-shop” for families seeking to explore their children’s schools and the schools in the area. The platform is accessible and free of charge to all users.

The development of MySchoolsTucson.org and its library of resources is CIC’s response to a 2022 survey it conducted of over 1,100 K-12 Arizona parents. The survey showed that parents’ ability to access information about schools and engage with schools is directly correlated to their income. Families with lower incomes have less access to school information and the way they interact with schools and their administrations is much different than wealthier parents of K-12 students.

“This is another area of our economy where lower income households are at a disadvantage, often because these parents have less time to research and engage with schools than wealthier households,” said CIC’s Executive Director, Danny Knee. “Considering education has such a profound effect on lifelong opportunities, we think it is essential to make accessing information on the schools children attend as easy as possible for parents.”

According to Knee, educational research shows that parent engagement is directly linked to better school attendance and high school graduation as well as higher grades and classroom test scores. The American Psychological Association also links engagement to better health outcomes for children.

“Considering that many parents find researching and exploring schools overwhelming,” said Scott Evans, CIC’s Director of Family and School Engagement, “we are focused on making MySchoolsTucson.org, as simple and easy to use as possible.” Before joining CIC’s Family and School Engagement team, Evans spent more than a decade as the Director of Counseling at Salpointe Catholic High School.

CIC, through their Family and School Engagement program aims to ensure that all Tucson families have the tools and support they need to engage and make informed decisions about their child’s education. This includes information on the different curricular and extra-curricular programs available at schools. It also includes best practices regarding how to engage with school administrators and teachers productively to ensure their children get the most out of their school experiences.

MySchoolsTucson.org was developed through research and collaboration with parents in Pima County. Over the past two years, CIC has engaged focus groups and formulated a parent survey to comprehend how parents maneuver in the educational environment. Through that process, Tucson parents expressed their struggle in gathering essential details about nearby schools, often resorting to confusing and time consuming online searches to gather information related to their school preferences. An overwhelming percentage of participants enthusiastically welcomed a user-friendly resource that streamlines access to information about educational options and tips on how to increase their engagement in their children’s education.

Just like any evolving app or software, MySchoolsTucson.org will continue to flourish by earnestly listening to valuable feedback from its users. According to the CIC team, this will help them to make necessary improvements, introduce new features, and expand outreach through increased community event participation and collaborations with community-based organizations. Community Investment Corporation is committed to building resources that meet the needs of Tucson families and greatly appreciates all responses. They are requesting additional feedback from families through this survey.

For more information about MySchoolsTucson.org, please visit: https://www.myschoolstucson.org/ or visit the school locator at https://explore.myschoolstucson.org/.

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CIC Launches STAC

Tucson Small Business to Have Access to $500,000 in Revenue-Based Financing Through Innovative Nonprofit Partnership

Community Investment Corporation partners with Startup Tucson, Common Future / Community Credit Lab to bring $250,000 in investments to STAC Initiative to support small businesses in Tucson.

January 30, 2023 (Tucson, Arizona) – Local small businesses and business owners that are unable to access traditional commercial loans are getting some help from two local nonprofit organizations. Tucson-based Community Investment Corporation (CIC) and Startup Tucson, are partnering with a national leader in innovative community-based economic development work, Common Future, and their in-house investment entity, Community Credit Lab, to launch a new business financing initiative, Success Through Alternative Capital (STAC), which aims to help businesses without adequate collateral or assets to qualify from traditional loans.

Common Future is investing $250,000 in the pilot program which CIC is matching with $250,000 of its own funds. Startup Tucson, for its part of the partnership, is providing business and entrepreneurial education to support local business owners who access STAC funding. Eric Horvath, Director of Capital Strategies for Common Future explained his organization’s reason for investing in Tucson. “We wouldn’t be here if it wasn’t for the trust and belief that we have in CIC and Startup Tucson,” he said. “What really stood out was the dogged determination to innovate and do something different from both organizations and to maximize how much community impact we can have.”

STAC is designed as revenue-based financing (RBF) allowing small businesses to pledge future revenues for an advance of financial capital. Payments can vary depending on how well a business does and its gross revenues after receiving funding. Businesses have higher payments when they are generating more revenues and lower payments when they are generating less revenues, an arrangement that can be especially useful for seasonal businesses.

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The revenue-based approach is being facilitated by CIC’s technology partner, Ned, which will help the lender build capacity and make loan decisions in days rather than weeks. Ned’s end-to-end revenue-based financing platform will enable CIC to streamline applications, qualification and disbursement activities, and then automate revenue-based repayments on the backend.

“Ned has been a fantastic partner for us,” said Danny Knee, Community Investment Corporation’s Executive Director. “Their platform provides efficiencies that allow us to spend our time helping businesses rather than evaluating them.”

STAC is expected to fund 25 local businesses over the next year that the program partners say will be used to purchase essential equipment, purchase inventory, and to meet the cash flow demands of running a business.

“Our economy works well for people with existing wealth,” said Knee, “But the over-reliance on asset-based lending without complementary alternatives makes it nearly impossible for many small businesses, and especially those run by entrepreneurs of color, to get the financial capital they need to grow and succeed.”

Asset-based underwriting is the practice of securing loans with the pledge of turning over a company or personal assets to a lender if a business owner is unable to repay a loan. Entrepreneurs of color have a harder time accessing traditional capital in the U.S. than their white counterparts due to persistent wealth gaps and owning fewer personal and business assets. “We are trying to find ways to make our economy more inclusive,” said Liz Pocock, CEO of Startup Tucson. “We believe revenue-based financing is a way to support emerging entrepreneurs, including entrepreneurs of color.”

Interested businesses should contact Community Investment Corporation through their website:
https://cictucson.org/stac/.

alternative capital collaboration entrepreneurship financial literacy small business

2022 In Review

Celebrating our biggest year yet!

What a year it has been indeed!

While it feels nearly impossible to condense an entire year into one newsletter, we couldn’t close 2022 without taking a look back at the highlights from this year.

Join us in celebrating CIC’s biggest year to date, and we’re just getting started!

A national leader in eviction prevention

Over the course of 2 years, we were involved in a collaborative effort to administer federal funding to prevent evictions related to the economic impact of the pandemic throughout all of Pima County. As one of the most efficient programs in the nation, CIC and our partners facilitated disbursement of all of the City of Tucson’s ERA 1 and ERA 2 funds, as well as more than $22.5 million of additional reallocated funding from the state. In June of this year, we transitioned the Eviction Prevention Program to Pima County.

Since the start of the program we distributed $64+ million in rental and utility funding, assisted over 13,500 households, landlords and helped 30,000 residents remain in housing.

We owe much of the success of the program to our dedicated and willing community partners. Private, public and nonprofit sectors as well as private citizens came together selflessly to care for one another in the face of the unprecedented challenges of the pandemic. Thank you: City of Tucson, Family Housing Resources, Sunnyside Foundation, Catholic Community Services, ISDA, Tucson Urban League, Inc., Primavera Foundation, International Rescue Committee, Interfaith Community Services, Chicanos Por La Causa, Valley Assistance Services and Compass Affordable Housing.

Read our IMPACT REPORT

Expanded the Mortgage Credit Certificate program statewide

For 30+ years, the Mortgage Credit Certificate (MCC) program has been administered by CIC, and its sister organization, Family Housing Resources. The program reduces the cost of owning a home by allowing first-time homebuyers to claim up to $2,000 of their annual mortgage interest as a federal tax credit – each year and every year they live in their homes. This means that MCC’s can save homeowners up to $50,000+ over the life of their mortgages!

CIC has issued 7,000+ certificates to date, saving Arizona homeowners millions of dollars and this year, we expanded the program statewide! We look forward to empowering future homeowners throughout the state of Arizona. Check out this short video that explains how this important program works.

Learn more at: cictucson.org/mcc

The BIPOC Community Managed Loan Fund for Small Business Owners continues to grow!

Since launching the BIPOC Community Managed Loan Fund program, we’ve received 100+ applications, with requests for $700,000+ to help long underserved entrepreneurs of color in Southern Arizona grow their businesses and thrive.

We were thrilled to share that in 2022 we fundraised over $100,000 to support this program. The revolving fund that started with just $2,700 in donations from CIC’s own staff now sits at $380,000 and has helped 26 small businesses in Southern Arizona.

This funding is critical to our mission’s success and helped us get closer to our goal of building the fund to $1 million by 2025.

Check out this short video to learn more about this program.

CIC Tucson was named Social Impact Champion of the Year!

We were honored to be recognized by the selection committee of the Tucson Metro Chamber Copper Cactus Awards as this year’s TEP Social Impact Copper Cactus Champion. This is the second time in three years, CIC has earned this recognition and it is one of the only times that a nonprofit has been honored with a Copper Cactus Award three years in a row (we were named the regions Diversity, Equity, and Inclusion Champion in 2021 for the launch of our BIPOC Community Managed Loan Fund).

While we don’t do this work for the awards, this was a special moment to stop and celebrate everyone who has contributed to making our programs worthy of recognition; most notably, the community’s best and most accomplished social service agencies who partnered with us for the Eviction Prevention program. Thank you to the City of Tucson, Family Housing Resources, Sunnyside Foundation, Catholic Community Services, ISDA, Tucson Urban League, Inc., Primavera Foundation, International Rescue Committee, Interfaith Community Services, Chicanos Por La Causa, Valley Assistance Services and Compass Affordable Housing.

This program would not have been possible without the deep commitment of the highly skilled staff at the nonprofit organizations & government entities.

2022 brought an amazing year of success and impact for CIC, none of which would have been possible without the collaboration and support of trusted partners. We resolve to fill the coming year with opportunities and prosperity for all residents of Southern Arizona.

– Danny Knee and the CIC Team

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