Rio Nuevo, Groundswell Capital Give 33 Impact Grants to Local Businesses
In a collaborative show of support for Tucson’s small business community, Rio Nuevo and Groundswell Capital have awarded 33 grants—ranging from $1,500 to $25,000—to entrepreneurs working to build a more vibrant and inclusive Rio Nuevo District.
The Rio Nuevo Impact Grants pilot program launched in January and wrapped its first round of funding in May, delivering $250,000 in direct support to small businesses across the district. Selected from nearly 300 applicants, the grants are helping fund storefront improvements, equipment purchases, marketing efforts, business expansions, and critical repairs.
“The Rio Nuevo grant has been instrumental in our growth. It allowed us to acquire essential tools and equipment, improve client services, and renovate our salon to create a more welcoming atmosphere,” said Nguyen Le, owner of White File Nail Salon. “These improvements have helped us attract new clients and team members. The future of our salon is very promising.”
“We were thrilled when Rio Nuevo approached us about this pilot program,” said Diana Weisbrod, Small Business Lender at Groundswell Capital. “It’s rare to see local small business grants—especially for Tucson startups—and we jumped at the chance to support them. When the right capital shows up at the right time, it can change the entire trajectory of a business.”
To ensure the program was accessible, outreach included biweekly information sessions and office hours in both Spanish and English, postcard mailers to every registered business in the district, and hand-delivered flyers. Applications were reviewed by a diverse community committee made up of representatives from the Downtown Tucson Partnership, City of Tucson, YWCA, Community Investment Corporation, San Xavier Allottee Association and Pima Community College.
Grant recipients reflect the cultural richness and entrepreneurial spirit that define Tucson. From food trucks and family-run retail to artists, service providers, and tech innovators, the businesses awarded funding highlight the diverse fabric of the community.
“The Rio Nuevo grant had a profound impact—not just on our business, but on our community,” said Niko Garm, founder of Mestizo Studio. “It allowed us to hire a local team and engage a youth group we’ve been training in branding, design, and production. These young people are now helping other businesses in the Southside. Their work is creating real economic opportunity—and pride—in culturally driven entrepreneurship.”
Rio Nuevo, a tax increment finance district, is dedicated to revitalizing Downtown Tucson into a walkable, artistic, and economically thriving urban core. These small business grants are part of its broader mission to stimulate growth, tourism, and long-term investment in the region.
“As part of our new Master Plan, we’ve prioritized supporting the small, local businesses and startups that bring the Rio Nuevo District to life,” said Shay Jimenez, Rio Nuevo board member. “This pilot grant program is just the beginning. Our goal is to ensure the district remains vibrant, inclusive, and reflective of the entrepreneurial energy that makes Tucson unique.”
“Receiving this grant has been a huge blessing,” said Danny Gamez of Danny’s Downtown Barber. “It gave me the ability to complete renovations and upgrades that would have otherwise been out of reach.”
Groundswell Capital is a 501(c)(3) nonprofit financial institution dedicated to building an inclusive, sustainable economy. Through innovative loan and grant programs, Groundswell provides accessible capital and technical assistance to small businesses, entrepreneurs, and underrepresented communities.
To learn more about Rio Nuevo Impact Grant recipients or future funding opportunities, visit www.groundswellcapital.org or www.rionuevo.org.
