COVID-19 Resource Information

CIC has begun offering three loans due to the COVID-19 economic crisis. These are special loans with generous terms where we make little to no money. We are a nonprofit, and we are here to support. You can learn more on our COVID-19 Loan Options page, or you can skip straight to our COVID-19 Pre-Qualification Form.   

As a nonprofit lender, we fund our loans through money we receive from Pima County and other independent sources. We are not a bank or SBA lender, meaning we cannot submit federal loan requests on your behalf. That said, we highly encourage you to apply for the federal aid programs outlined below. They may take a while, but in qualifying cases, they offer loan forgiveness. In the meantime, we are able to offer loans that can be turned around in as little as a week after a completed application is submitted.

The U.S. Small Business Administration (SBA) is providing the Economic Injury Disaster Loan (EIDL) for qualifying entities impacted by COVID-19. The EIDL provides up to $2 million in working capital for 30 year fixed terms at an interest rate of 3.75% for small businesses and 2.75% for nonprofits. No collateral is required for loans under $25,000 and payments on interest and principal can be deferred up to one year.  

One of the important features of this loan is that it grants qualifying applicants with an advance of up to $10,000 (based on number of employees), which does not need to be paid back. Once the application is submitted and processed, the SBA will contact the applicant. The advance does not need to be paid back regardless of whether the applicant moves forward with the overall loan.   

Note: To request the advance, when applying make sure to check the box that reads:  

“I would like to be considered for an advance of up to $10,000” 

Eligibility and How to Apply 

For more information on the EIDL you can visit the SBA website see their FAQ page.  

EIDL can be applied for directly on the SBA website.  Page 1 of the application outlines the eligibility requirements. 

As part of the CARES Act, the SBA is offering the Paycheck Protection Program (PPP) loan with the intent to incentivize small businesses to keep their workers on payroll. The PPP loan has a maturity of 2 years at an interest rate of 1%, with loan payments deferred for six months; no collateral is required. Applicants can borrow a maximum of 2.5 times their average monthly payroll costs. However, the PPP loan will be fully forgivable if funds are used for payroll costs, interest on mortgages, rent, and utilities (at least 75% of borrowed amount must have been used for payroll) and employees are kept on payroll for eight weeks.  

You may apply through any SBA 7(a) lender or any participating federally insured depository institution, federally insured credit union, and Farm Credit System institution. For more details or to view eligibility requirements, please visit SBA’s PPP Overview Page or check out the Borrower Application Form.  

Eligibility and How to Apply 

 PPP Loan applications can be submitted via participating banks. We recommend contacting your bank, as existing customers are given preference. Locally in Tucson, our early research indicates that National Bank of Arizona and US Bank are accepting applications from the general public. Due to a complicated roll-out and high demand, we cannot guarantee this information, as it’s been changing on a daily basis.  

Need further clarification? Investopedia provides a description of the difference between these programs if you scroll down on this page. (We are not affiliated with Investopedia, but it provides a brief and easy to understand explanation of the differences.) 

The Arizona Commerce Authority’s (ACA) COVID-19 Arizona Business Resources page provides information, tools and guidance on business finance support, workforce assistance, essential infrastructure information, supply chain and logistics, housing and community volunteer opportunities. This site is updated regularly as new information becomes available. Additionally, the ACA also put together the COVID-19 Arizona Resources Guide which includes easy-to understand visual representations of financing programs currently available such as the PPP loan and the EIDL.