Community Investment Corporation, Groundswell Capital Offer New Funding for Small Businesses
Community Investment Corporation, one of Southern Arizona’s pioneering alternative lenders, has announced its continued commitment to fostering economic growth and supporting small businesses through a new partnership with Groundswell Capital, Arizona’s first green bank.
This collaboration comes as part of the recently launched Arizona Microbusiness Loan Program, a $5 million initiative launched by Gov. Katie Hobbs in partnership with the Arizona Office of Economic Opportunity.
CIC has been at the forefront of creating innovative financial products and providing educational resources to small businesses across Southern Arizona. Our mission has always been to establish pathways for entrepreneurs and business owners to access the capital they need to thrive. This partnership with Groundswell Capital represents a significant milestone in our journey, enabling us to expand our reach and impact even further.
“We are grateful to have been selected to utilize this funding to continue supporting more businesses in our community,” said Caroline Nelson, COO and director of lending at CIC. “For the last 28 years, our organization has focused on creating and administering financial products tailored to the needs of small businesses in our community, especially those that have been underserved by traditional lending institutions. We are one of the first alternative microlenders in southern Arizona and have been dedicated to creating avenues for access to capital that has helped countless businesses grow and succeed.”
The Arizona Microbusiness Loan Program, aimed at supporting microbusinesses, aligns perfectly with CIC’s mission. This program facilitates economic development and job creation by providing crucial funding to microbusinesses throughout the state. As a selected lending partner, CIC, in collaboration with Groundswell Capital, will serve Cochise, Graham, Greenlee, Pima, and Santa Cruz counties, offering loans to businesses.
“Through this enhanced access to capital, we will be able to expand our successful AVANZA Empowerment Fund and launch new products through Arizona’s first green bank. We are thrilled to be collaborating with CIC” said Dre Thompson, CEO of Groundswell Capital.
“Our participation in this program not only enhances our capacity to deliver vital financial support to small businesses but also empowers us to continue dismantling obstacles so that everyone in our community has an equal opportunity to access resources and funding,” said Caroline Nelson. “We are thrilled to partner with Groundswell Capital on this initiative, as it will enable us to broaden our reach and increase our impact.”
As CIC and Groundswell Capital strengthen their services, this partnership will be vital in nurturing the microbusiness ecosystem in Southern Arizona. With CIC’s diverse portfolio of loan products, we are committed to collaborating with Groundswell Capital and other community partners to help more businesses gain the financial resources they need to succeed. CIC has already begun issuing loans to small businesses through this initiative, and Groundswell Capital’s loan programs are expected to launch in late 2024.
