Tucson, AZ – August 15, 2024 – Community Investment Corporation (CIC), one of Southern Arizona’s pioneering alternative lenders, is proud to announce its continued commitment to fostering economic growth and supporting small businesses through a new partnership with Groundswell Capital, Arizona’s first green bank. This collaboration comes as part of the recently launched Arizona Microbusiness Loan Program, a $5 million initiative launched by Governor Katie Hobbs in partnership with the Arizona Office of Economic Opportunity.
CIC has been at the forefront of creating innovative financial products and providing educational resources to small businesses across Southern Arizona. Our mission has always been to establish pathways for entrepreneurs and business owners to access the capital they need to thrive. This partnership with Groundswell Capital represents a significant milestone in our journey, enabling us to expand our reach and impact even further.
“We are grateful to have been selected to utilize this funding to continue supporting more businesses in our community,” said Caroline Nelson, COO and Director of Lending at CIC. “For the last 28 years, our organization has focused on creating and administering financial products tailored to the needs of small businesses in our community, especially those that have been underserved by traditional lending institutions. We are one of the first alternative microlenders in southern Arizona and have been dedicated to creating avenues for access to capital that has helped countless businesses grow and succeed.”
The Arizona Microbusiness Loan Program, aimed at supporting microbusinesses, aligns perfectly with CIC’s mission. This program facilitates economic development and job creation by providing crucial funding to microbusinesses throughout the state. As a selected lending partner, CIC, in collaboration with Groundswell Capital, will serve Cochise, Graham, Greenlee, Pima, and Santa Cruz counties, offering loans to businesses.
“Through this enhanced access to capital, we will be able to expand our successful AVANZA Empowerment Fund and launch new products through Arizona’s first green bank. We are thrilled to be collaborating with CIC” said Dre Thompson, CEO of Groundswell Capital.
“Our participation in this program not only enhances our capacity to deliver vital financial support to small businesses but also empowers us to continue dismantling obstacles so that everyone in our community has an equal opportunity to access resources and funding,” said Caroline Nelson. “We are thrilled to partner with Groundswell Capital on this initiative, as it will enable us to broaden our reach and increase our impact.”
As CIC and Groundswell Capital strengthen their services, this partnership will be vital in nurturing the microbusiness ecosystem in Southern Arizona. With CIC’s diverse portfolio of loan products, we are committed to collaborating with Groundswell Capital and other community partners to help more businesses gain the financial resources they need to succeed. CIC has already begun issuing loans to small businesses through this initiative, and Groundswell Capital’s loan programs are expected to launch in late 2024.
For more information about the Arizona Microbusiness Loan Program and how CIC or Groundswell Capital can help your business, please visit https://cictucson.org/businesses-that-prosper/ or contact lending@cictucson.org and https://www.groundswellcapital.org/ or contact info@groundswellcapital.org .
###
About Community Investment Corporation:
Community Investment Corporation (CIC) is a nonprofit organization dedicated to empowering small businesses and entrepreneurs in Southern Arizona by providing access to capital, financial education, and resources. With a focus on innovation and community impact, CIC has been a leader in alternative lending for over a decade, helping businesses build resilience and achieve long-term success.
About Groundswell Capital:
Groundswell Capital is a 501(c)(3) nonprofit financial institution serving Arizona’s small businesses and communities. Launched by the Industrial Development Authority of the City of Tucson (Tucson IDA), Groundswell Capital is committed to promoting equity, sustainability, and innovation. With over $11 million deployed in small business loans, the organization empowers communities through pioneering financial solutions that foster economic growth, poverty reduction, and workforce stability.
About Tucson IDA:
The Tucson Industrial Development Authority was established in 1979 to invest in the economic prosperity of Tucson through innovative financial solutions. Since its inception, Tucson IDA has deployed over $400 million in economic development revenue bonds and over $1 billion in affordable mortgages, including $10 million in down payment assistance.
About the Arizona Office of Economic Opportunity:
The Arizona Office of Economic Opportunity (OEO) strengthens Arizona’s workforce and economy. OEO coordinates workforce development strategy and evaluation, monitors the state’s tax and regulatory competitiveness, and produces labor market, economic and demographic research and analysis. OEO is also home to the Arizona Finance Authority, which offers innovative, responsible, and sustainable financing solutions for public and private borrowers. For more information, please visit oeo.az.gov.
