Small Business Loans
This regularly-updated guide gives an overview of funding resources available to small business owners in Arizona.
Arizona Microcredit Initiative Microloans
Overview
Arizona Microcredit Initiative (AMI) is a 501(c)(3) nonprofit that empowers underserved entrepreneurs to start or expand businesses through low-interest microloans that are tailored to fit your business needs.
Qualifications
Loan funds must be used to purchase revenue-generating assets
Fulfill collateral
Agree to AMI’s loan schedule
Person of good character
Application Process
Fill out a loan interest form with your basic contact information and business details
Meet with an AMI staff member to discuss your business and its needs
Fill out a loan application with your personal and business information
Include required documents in your application submission
Required Documents
Personal Federal Tax Return (2016 and 2017)
Last 6 months bank statements (personal and business accounts)
Active tradeline (utility bill or landlord reference)
Employer ID Number or Tax ID Number for business
Planned loan budget
Complete authorization to pull a credit report form from our partner Marisol (Phase II only)
www.azmicrocredit.org/loans
Desert Financial Credit Union Small Business Emergency Loan
Overview
This loan program is designed to help cover operational expenses such as payroll, utilities, rent, and taxes for businesses negatively affected by the pandemic.
Qualifications
Business must be physically located within Desert Financial’s field of membership.
Business must be independently owned and operated.
Business must have been established for a minimum of 3 years.
A personal guarantee is required
Application Process
Fill out a loan information request with your basic contact information.
A representative will reach out to discuss your options.
Walkthrough the loan application process with the representative.
Required Documents
Information is not available to the public
https://www.desertfinancial.com/health/small-business-emergency-loan
Kiva Crowdfunding Small Business Loans
Overview
Kiva is an international nonprofit, founded in 2005 in San Francisco, with a mission to expand financial access to help underserved communities thrive by crowdfunding loans.
Qualifications
Business be based in the United States
Must be over 18 years old
Loan must be used for business purposes
Business must not be engaged in multi-level marketing/direct sales, illegal activities (e.g. gambling, scams), or pure financial investing (e.g. stocks)
Cannot currently be in foreclosure, bankruptcy, or under any liens
Must be willing to demonstrate your social capital by having a small number of friends and family make a loan
Application Process
Fill out a loan application
If your application is approved, prove your creditworthiness by inviting friends and family to donate to you
Go public on Kiva for 30 days, lenders crowdfund in increments of $25 or more
Borrower repays the loan based on the repayment schedule and the borrower’s ability
Required Documents
Business proof
Approximate credit score
Income
Major monthly payments
PayPal account
www.kiva.org/borrow
Growth Partners Arizona Small Business Success Loans
Overview
Growth Partners Arizona helps nonprofit leaders and small business owners who create change in economically distressed communities gain the operational resources and business guidance they need to improve the lives and economic wellbeing of Arizona residents.
Qualifications
Do business in Arizona (valid business license and be in good standing with the state of Arizona)
Annual revenues in excess of $50,000
In business for at least two tax filing periods; no start-up businesses
Minimum FICO score of 660
Priority is given to businesses located in CDFI investment areas
Application Process
Fill out a loan application with your basic information and loan request details
Include required documents in your application submission
Before submitting these materials, please contact Lesli Pintor at (520) 382-9218 or Lesli@GrowthPartnersAZ.org for further instructions
Required Documents
Copy of business license
Confirmation of business registration and certification of Good Standing with the State of Arizona Office of the Corporation Commission
Two years of historical business financial statements
Two years of business and personal federal tax returns
Interim business financial statements (current within 45 days of application)
Business debt schedule dated consistent with the interim business financial statement
Personal financial statement dated with 45 days of application
www.growthpartnersaz.org/small-business-success-loans/
U.S. Small Business Administration Disaster Loan COVID EIDL
Overview
The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters.
*Amount Varies
Qualifications
If you are a small businesses, nonprofit organization of any size, or a U.S. agricultural business with 500 or fewer employees that have suffered substantial economic injury as a result of the Coronavirus (COVID-19) pandemic, you can apply for the COVID-19 EIDL.
This loan applies to all businesses based in any U.S. state, territory, or the District of Columbia.
Application Process
Check disaster loan declarations in your area
Apply for a disaster loan on the SBA website
Check your loan status online for updates
Required Documents
Information is not available to the public
https://www.sba.gov/funding-programs/disaster-assistance
Business Development Finance Corporation Loan
Overview
We are one of Arizona's most experienced SBA lenders, and we have tools and resources that simplify the SBA 504 loan process.
Qualifications
Facing immediate pressure because of COVID-19
SBA 504 Eligible
SBA 7(A) Eligible
Application Process
Contact BDFC to have a team leader assist you with our SBA applications and loan process
https://www.bdfc.com/small-business/
CARES Act Readiness Program for Small Businesses
Overview
Arizona Small Business Association and the Arizona Chamber of Commerce & Industry have teamed up to launch a free training program to help small business owners navigate the different programs and relief funds offered as a part of the CARES (Coronavirus Aid, Relief, and Economic Security) Act. The program focuses on financial planning and helps with submitting documents. It is self-guided and can be completed at your own pace, in some cases in less than an hour. Courses are offered in both English and Spanish.
Program Details
elect either the novice or experienced borrower track based on your experience with borrowing from the Small Business Administration
Enroll by creating an account with your basic contact and business information
Depending on your selected track, you will go through two to five online classes that can be accessed from a desktop, tablet, or mobile device
Upon completing the program, you will receive a Certificate of Participation that grants you access to a live webinar with business experts
www.caresactaz.com/
Arizona Microcredit Initiative (AMI) has consulting and microloan support for yourself and your business. If you have any more questions, you can schedule an appointment today through https://www.azmicrocredit.org/schedule-a-consultation-1 or reach out to us at info@azmicrocredit.org.
