CIC COVID-19 Emergency Loan Success Story!
In mid-March, as our country was facing the unprecedented reality of rapid closure to ensure public safety the Community Investment Corporation loan team understood exactly what that meant for small businesses, revenue loss that could potentially lead to permanent closure.
Within days the CIC team developed the COVID-19 Emergency Microloan product and began offering access to two community-backed loan products, one from Kiva Tucson and one from Wefunder, each designed to bridge small businesses through the unknown future.
In addition, CIC invested $200,000 of our loan portfolio to support these small businesses either for the $10,000 microloan product or the help businesses reach a time-sensitive community-backed loan goal.
Michelle L. Coronado, Medical Transcription received a CIC COVID-19 Emergency Microloan and we are thrilled to have had this offering make all the difference to the business.
Michelle L. Coronado, Medical Transcription
"I am thankful for the CIC loan. I applied for three other programs but I never heard back." Michelle L. Coronado, Medical Transcription
“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.”
About Michelle L. Coronado, Medical Transcription:
Michelle Coronado runs a transcription services business serving the medical, legal, and other professional communities. With many years of prior experience, Ms. Coronado launched her own business almost a decade ago. A sole proprietorship based in Benson, AZ, Ms. Coronado’s services reach beyond southern Arizona and across the country. Maintaining a competitive transcription-based company is already hard, and the suspension of non-emergency medical procedures presented her business with extra challenges. As the battle against COVID-19 wages on, services like those Ms. Coronado provide will be all the more important. CIC awarded Ms. Coronado a discounted interest rate for the enhanced community benefit her business provides, and we are proud to support her during this time.