Loan Success Story -CRU Trucking

“You run into people willing to help you along the way. CIC it has been fantastic, working with you guys. I recommend that when people have that itch to start something, to move forward.
Even though CIC turned me down initially for the first truck/trailer purchase, they were positive, helpful, and guided me so I could qualify six months later with proven financial history. You were such a blessing.” – Chuck Ugalde, Owner

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Kiva Tucson Making an Impact

The rate that entrepreneurs are starting new businesses in the US has been flat for almost 20 years. While there are many factors, lack of access to capital is a barrier that is difficult for many would-be business owners to overcome. This trend of stagnant new business growth is fueled by the reality that a significant portion of the population – women, people of color and rural entrepreneursface significant hurdles finding funding necessary to start and grow a new business.

This is problematic because entrepreneurs – not big businesses – are fueling all new net job creation (Kaufman, Start Us Up).

“Supporting and expanding entrepreneurship increases jobs, innovation, and productivity.” Wendy Guillies, president and CEO of the Kauffman Foundation. This is going to be crucial for the recovery we face in the wake of the pandemic.

At CIC, we’ve been building platforms to offer more options to entrepreneurs to access capital, in many cases creating the first rung on the capital access ladder for small business owners. 

One such platform we’ve activated in partnership with Growth Partners Arizona and the City of Tucson is Kiva – a community backed lending platform for small business owners, offering 0%, zero fee micro loans from $1,000 – $15,000. Since the launch of Kiva Tucson, 23 local business owners have raised nearly $200,000 in funding to grow and develop their business during one of the toughest times for small business, many of which have been drastically impacted by COVID-19.

Another fascinating statistic that confirms the findings of the Kauffman Foundation, these 23 small businesses have added a total of 44 new jobs since July 2020. 

“Without the loan I was able to raise through Kiva, I would never have been able to further develop my business helping to place nurses in healthcare facilities. I’ve been able to hire 15 healthcare workers who rely on my business to connect them where the need is greatest.” Philemon Prescoss, CEO, 3Twelves.

As a restaurant owner during this time, Gada Ghotmi, owner of Med Cuisine, has known the challenges first hand across many fronts. She and her husband were both hospitalized with COVID-19, but she was determined to build her business back, and with the help of a Kiva loan to provide the funding she needed to restock and hire help, she’s been able to hire 6 people since July 2020. “Kiva was the lifeline we needed. No bank was willing to loan money to a restaurant owner in the middle of the pandemic.”

CIC is committed to continued innovation for entrepreneurs to access the capital needed to build and grow business for the community to accelerate recovery, and ensure the US economy has the fuel it needs to grow sustainably.

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Pima Eviction Prevention Impact Report

In late August of 2020, Community Investment Corporation (CIC) contracted with Pima County to develop and manage a dynamic online platform that would expedite the distribution of CARES Act funding to prevent evictions in the midst of the COVID-19 Pandemic. Within less than 14 weeks $2.8 Million in funds were distributed through 911 completed cases. The unique dual applicant approach, coupled with the use of adapted customer service and engagement software, made the program efficient and effective. We are honored to have stewarded this program and hope you will take the time to review our impact report in full. For questions please contact DannyK@CICTucson.org

Tenants Served Heat Map

The above image shows the locations served by this program.


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HFAC Partnership Impact Report

In mid-March, as Arizona began to implement public health and safety measures, our community’s small businesses began a long hard uncharted road that was and is difficult to navigate. The journey continues as COVID-19 mitigations are still a critical part of containing this pandemic, but we at CIC would like to take a quick pause to give incredible thanks to those who helped support our emergency response work in the first few months of this crisis. 

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COVID-19 Emergency Relief Impact Report

In mid-March, as Arizona began to implement public health and safety measures, our community’s small businesses began a long hard uncharted road that was and is difficult to navigate. The journey continues as COVID-19 mitigations are still a critical part of containing this pandemic, but we at CIC would like to take a quick pause to give incredible thanks to those who helped support our emergency response work in the first few months of this crisis. 

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COVID-19 Emergency Loan- Originate Natural Building Materials

“Originate started off 2020 with our 4th best 1st quarter in our 16-year history as a company. Then COVID hit with stay at home orders and our revenue for April and May dropped by almost 50%. That was scary and we were trying to figure out how to navigate uncharted territories. I feel a sense of calm now.” Natasha Winnik, Owner/Founder

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VOLUNTEER SHOUT OUT!

Jeff brings varied experience and vast knowledge to his volunteer work having been a small business consultant, a strategic analyst, and Angel Investor for twenty years. With expertise in HR, PR, finances, management, marketing, and everything business, Jeff also serves on the National Small Business Association and is a member of the National Regulatory Fairness Board.

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