Small Business Loans
Empowering Small Businesses in Southern Arizona
Small Loans for Big Change
At CIC, we’re committed to empowering entrepreneurs. By offering access to capital through alternative financing options and innovative small business loans in Tucson and throughout Southern Arizona, we help local business owners thrive. Small businesses serve as the backbone of our economy, igniting job opportunities and nurturing community development. CIC is here to support your journey as a small business owner, with competitive interest rates and flexible terms as well as individualized support and education to help you reach your goals.
WHAT TYPE OF LOAN IS Right FOR ME?
Product: | Term Loan |
Time in Business: | Over 6 Months |
Loan Amount: | $500 – $100,000 |
Loan Term: | 1 – 5 Years |
Interest Rate: | 6.5% – 10% Interest |
Fees: | 2% – 5% + Any 3rd party fees |
Processing Time: | 1 – 2 Months |
Payment Type: | Fixed Payment |
Collateral Required: | Yes |
Product: | Revenue-Based Financing |
Time in Business: | At least 2 Years |
Advance Amount: | Up to $50,000 |
Term: | Projected repayment period of 3 – 5 years |
Repayment Cap: | 1.24x |
Fees: | 2% |
Processing Time: | 1 – 2 Months |
Payment Type: | Fluctuates with Revenue |
Collateral Required: | None to apply but a lien will be placed on all business assets |
Requirement: | Business bank account |
Product: | Term Loan |
Time in Business: | Over 3 Months |
Loan Amount: | $500 – $10,000 |
Loan Term: | 1 – 4 Years |
Interest Rate: | 3% Interest |
Fees: | $9 UCC Filing Fee |
Processing Time: | 1 – 2 Months |
Payment Type: | Fixed Payment |
Collateral Required: | None to apply but a lien will be placed on all business assets |
How do I Know if I'm Ready For a Loan?
Please use the following guide to learn if you are ready for a loan with CIC.
1: Is the business located in Pima, Cochise, Graham, Greenlee, Pinal, Santa Cruz, or Yuma County?
- Yes or Unsure: Please continue to #2.
- No: Unfortunately, we cannot assist with financing, but our community partners might.
2: Does the business need $100,000 or less in financing?
- Yes or Unsure: Please continue to #3.
- No: We suggest contacting your bank or credit union for larger loan needs.
3: Does the business have at least three months of sales history?
- Yes or Unsure: Please continue to #4.
- No: We cannot provide a loan, but can discuss future eligibility.
4: Are the business and owners current on all tax filings and payments?
- Yes or Unsure: Please continue to #5.
- No: Please come back once your tax filings and payments are current.
5: If the loan request is greater than $50,000, does the business have assets available for collateral (used to guarantee the loan)?
- Yes or Unsure: Please continue to #6.
- No: If you are open to a smaller amount, please continue to #6.
6: Does the business prepare regular financial statements (profit & loss and balance sheet)?
- Yes or Unsure: Please continue to #7.
- No: Financial history is required. If willing to prepare financial documents, continue to #7.
7: Is the business profitable?
- Yes: It sounds like you would be a great fit for a CIC loan!
- Unsure: We are happy to discuss this further with you. While we may not be able to provide a loan but can discuss future eligibility.
Ready for a small business loan? Please complete our inquiry form below, and our loan team will contact you.
Unsure if you are ready, or would like to create an action plan for loan readiness? Please complete our inquiry form, and someone will contact you.
Not ready for a loan, or would simply like more information? Please visit our resources and FAQs below.
Ready to apply for a small business loan? Take the first step.
The application process is easy. First, please fill out our Loan Inquiry Form to help us match the right loan for you. A member of our team will contact you soon.
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ADDITIONAL RESOURCES FOR SMALL BUSINESS OWNERS
Frequently Asked Questions
What Arizona counties do you serve?
We work with small business owners in Pima, Cochise, Graham, Greenlee, Pinal, Santa Cruz, or Yuma County. However, if your business operates outside of these counties, we would be happy to refer you to a partner organization that can support your funding goals.
Am I ready to apply for a small business loan?
Please visit the “How Do I Know If I’m Ready For A Loan” quiz for our requirements.
What can financing be used for?
Funding from CIC must be used for business purposes. For example, common funding requests are used for purchasing equipment, inventory, vehicles, or working capital for business expenses. Occasionally, we see a request for purchasing property.
Do I need good credit to get a loan?
We do not require a specific credit score to be eligible for a loan. However, we want to make sure you can afford to take on a new loan, so we do take into account any outstanding loans and any current delinquencies you may have.
Is my business eligible?
Please visit the “How Do I Know If I’m Ready For A Loan” quiz for high-level requirements.
Additionally, your business must be legally established and registered with the Arizona Corporation Commission, have a Tax Identification Number, have a business bank account, and be current on all business and personal taxes.
What documents do I need to gather before I apply?
Typical documents required for the loan application are tax returns, business financial statements, bank statements, driver’s license, operating agreement or bylaws, and a business plan. We also ask for financial projections if you’ve been in business for less than two years.
How much funding do I need for my small business?
This question should be answered by determining how much funding you need to complete the intended project. We recommend building a budget and researching what it will cost to complete the project.
Do you finance startups?
Each of our loan products have a minimum time in business, with the shortest being three months.
If approved, how long does the process take from application to funding?
The process typically takes 1 – 2 months on average. Processing time can vary based on how quickly you are able to provide the application documents.
What type of collateral may be needed for a small business loan?
Collateral is assets that can be sold and used to repay the loan if the business is not able to. Common types of collateral consist of business assets (machinery, inventory, furniture), vehicles, and business or personal real estate.
What industries are restricted?
Financial companies; multi-level marketing (like Amway, Herbalife, or Mary Kay); bars or other businesses where sale of alcohol is the primary source of revenue (alcohol production for sale in the case of a brewery or winery are excluded); smoke shops; drug paraphernalia & dispensaries; adult entertainment/materials; guns & ammunition sales or manufacturing; fireworks; political campaigns; and businesses whose products are not legal, either federally or in other states in the U.S.
Where can I find educational resources?
Please visit our “Resources for Small Businesses” section above. If you need further help, you are welcome to contact our team for support: lending@cictucson.org or 520-529-1766 x222.
What are the steps of getting a small business loan from CIC?
Please follow these steps to apply for a loan from CIC:
1: Complete our loan inquiry form
2: One of our loan team members will contact you to learn more about your business, discuss your loan need, and discuss your financial situation.
3: We often start by having you send us your most recent financial statements so we can get a sense of what size loan your business can take on
4: Complete the loan application and provide required documentation.
5: Our team will review your application package and provide you with a funding decision.
6: Sign loan documents.
7: Receive loan funding!
8: Provide CIC with updated financial and job information each year until your loan is paid off.
How much will my loan payment be?
You can get a rough estimate of your potential loan payment by using the Loan Calculator below. This Loan Calculator assumes you are accruing interest and making payments on a monthly basis. In addition, it gives you the monthly payment necessary to entirely pay off your debt by the end. Most loans work this way, but not all, so keep reading to learn more.
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| Monthly payment: | $ |
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| Total interest: | $ |
| Total cost of loan: | $ |
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