“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
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 entrepreneurs – face 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.
CIC, Stackhouse, and New Way Home share what there is to know about equity crowdfunding, how it can help businesses addressing community challenges and the Community Investment Corporation’s partnership with WeFunder.
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CIC is humbled and honored to be a finalist for the Tucson Metro Chamber Copper Cactus Awards. We were nominated for the Tucson Electric Power Social Impact Award and invite you to join us for the virtual awards event on Oct. 17, 7-8 p.m.
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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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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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“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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“The loan from CIC gives me a lot of peace of mind. It is going to keep the boat afloat until people feel like they can come out again.” Don Lovett, Owner
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“I am thankful for the CIC loan. I applied for three other programs but I never heard back. Having this CIC loan allows me to continue providing needed medical transcription services even though the volume has decreased temporarily because non-emergency visits are down.” Michelle L. Coronado, Medical Transcription
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“We are forever grateful to CIC for helping during these unprecedented times. Thanks to CIC we were able to pay all of our employees while waiting for PPP and EIDL loans to process. I’d like to send a special thank you to Brian from the Loan Team who was wonderful to work with and kept us updated through every step of the process” Felice Anderson, President
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