Our loan and alternative funding teams run several programs and offer various loans to meet the needs of our community. During this time of heightened need our services are in demand now more than ever. We are here to serve you and appreciate your patience as we process requests as quickly as possible. Take a moment to review the loan products we are offering and complete the intake form (link to the Loan Inquiry form at bottom of this page) and our staff will get back to you.
Funds are limited and loan requests will be evaluated on a first-come first-served basis while funding lasts.
- Max Loan Amount: $10,000
- Interest Rate: 3% with 1.5% discount available for businesses that qualify for our Enhanced Community Benefit discount
- Payments: Monthly payments are required with the option of interest-only payments for the first 6 months
- Term: Up to 5 years
- Pre-payment penalty: None
- Fee: $25 Origination Fee + 3rd Party Fees*
- Disbursal: 7-10 days after completion of the application and all requested materials are received.
* Fees only charged if/when the loan is approved and funded. Third party fee usually consists of a $9 UCC filing fee.
CIC is offering a number of “community-backed” loan options in conjunction with various partners. These options harness the power of investors (local and otherwise) who want to see you succeed. To learn more, please read our blog post on community-backed loans.
SPECIAL NOTE: CIC is committed to helping small businesses through this unprecedented moment and is actively encouraging the community to engage in the investment of local establishments through WeFunder and Kiva Tucson. To that end, CIC is offering as much as $10-15,000 in matching funds per loan. If you are a consumer-facing business, have a strong online presence, and/or have a loyal customer base, one of these options may be perfect for you. Read more below.
Program Description: CIC has partnered with WeFunder to offer a COVID-19 disaster loan using the WeFunder community lending platform.
- Loan amounts $20k to $1 million
- Interest rates from 3% (non-compounding)
- Repayments based on 5% of revenues until loan is paid off (up to 10 years); deferred until 2021
- Loan from customers, community members, and Wefunder investors
- Wefunder closing fee of 3.75% (50% discounted from typical 7.5%)
- Interest Rate: 3% simple interest
- Prepayment Penalty: None
- Lender Information:
- Minimum lending amount begins at $100 per individual
- Business would pay back individual community lenders through distributions of 5% of the company’s revenue over time until the loan is repaid in full at a 3% interest rate. The interest does not compound.
- Loans and repayment are handled through the WeFunder platform
- Disbursal: Once $20,000 mark is met, business can access funds AND continue to recruit additional lenders to reach their goal
Program Description: CIC and Growth Partners of Arizona have partnered with KIVA to bring community-backed lending to microloans for Tucson businesses. Through the KIVA platform, Tucsonans can support local businesses through individual loans.
- Loan Range: $1,000 – $15,000
- Interest Rate: 0% interest
- Payments: Deferred for up to 6 months
- Term: 1-3 years depending on loan amount
- Prepayment Penalty: N/A
- Lender Information:
- Lender investments begin at $25 per individual
- Lenders receive repayments over time
- Loans and repayments are handled through the KIVA platform.
- Fees: None
- Disbursal: The money is disbursed only after the loan has been fully crowdfunded on the Kiva website.