New state program backing $5M in loans to Arizona microbusinesses

“Arizona is launching its new microbusiness loan program through community lenders statewide, including the Tucson-based Community Investment Corp. and Groundswell Capital for Southern Arizona.

The program was established by the Legislature last year to provide $5 million statewide for loans of up to $50,000 through community lending agencies to independently owned Arizona businesses with five or fewer employees.

Gov. Katie Hobbs and the Arizona Office of Economic Opportunity on Thursday launched the Arizona Microbusiness Loan Program with five selected nonprofit microbusiness lending programs and a nonprofit community group.

CIC and Groundswell were chosen to handle the program in Cochise, Graham, Greenlee, Pima and Santa Cruz counties.”