Arizona Launches Microbusiness Loan Program to Facilitate Economic Development and Job Creation Throughout State
News Release- August 8, 2024
Businesses with five or fewer employees can access loans through State Partner Community Development Financial Institutions or Community Non-Profit Lending Organizations
Phoenix, AZ – Today, Governor Katie Hobbs, in partnership with the Arizona Office of Economic Opportunity (OEO), launched the Arizona Microbusiness Loan Program to foster economic development and job creation in communities throughout Arizona. The Arizona Legislature established the program last year to provide $5,000,000 in loan funding to Arizona-based microbusinesses, which are businesses with five or fewer employees. Through the program, each qualifying borrower can receive up to $50,000 in loans by applying through a network of experienced small business lending partner organizations.
“Small businesses are the backbone of Arizona’s economy,” said Governor Katie Hobbs. “My administration is focused on building an economy that works for everyone, and this program gives our smallest businesses, our microbusinesses, the opportunity to grow and thrive. By investing in these microbusinesses, we are putting money directly in Arizonans’ pockets, creating quality jobs, and strengthening local communities.””
